France welcomes German proposal to strengthen European banking union

A French finance ministry source welcomed indications that Germany is ready to give a new push to complete a banking union in the eurozone. German Finance Minister Olaf Scholz said Berlin was willing to support a pan-European bank deposit protection scheme as long as individual countries remained chiefly responsible for shielding savers of a troubled bank.

The ministry source said it was "very useful" to have such proposals, adding that banking union reform would be raised at Thursday's meeting of the bloc's finance ministers. More in-depth discussions are to follow in December, according to the source.

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