Wednesday, October 23 11:31:05
Germany still wants to reach a common position with its EU partners on a resolution mechanism for failing banks by the end of this year and is working constructively to that end, a senior official said today.
The official said however, that Germany had no plans to present an alternative plan for how a resolution fund might work at this week's EU summit and reiterated Berlin's stance that national budget autonomy for winding up banks could not be outsourced.
"This is written into German law," the official said. "To be honest I don't understand why it is so difficult for the European Commission to understand this."