Germany should support common banking union: Deutsche Bank

FRANKFURT: Deutsche Bank co-chief executive Juergen Fitschen said Germany should support the idea of a common banking union, brushing aside criticism that smaller banks should be exempted from oversight by a single European supervisory authority.

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“The elements make sense if you think about Europe as a common market,” Fitschen told a banking conference in Frankfurt on Tuesday.

“I feel that if we out of Germany argue that we are different, we invite other countries to also argue for exemptions,” Fitschen said.

Fitschen’s criticism was aimed at smaller German savings and cooperative banks which have argued they should not fall under the umbrella of a European supervisor, and instead remain regulated on a national level.

Reuters