Italy Says German Banking Union Plans Will Harm Eurozone Banks

Italy has warned that a German proposal to complete the EU’s banking union would harm the competitiveness of the bloc’s banks, in comments heralding complex negotiations over Europe’s most ambitious integration project since the creation of the single currency, the Financial Times reported. Speaking on the margins of a gathering of eurozone finance ministers in Brussels, Roberto Gualtieri took issue with a key part of bank regulation plans laid out by his German counterpart this week in the Financial Times. German proposals to remove regulatory incentives for banks to buy their governments’ debt would create a global “unlevel playing field” by disadvantaging European banks, Italy’s finance minister told reporters. Rome’s position on the matter was “far” from that of Berlin, he added. Read more