Germany's Scholz: EU bank rule reforms go too far in some cases

German Chancellor Olaf Scholz said on Wednesday that the European Commission's planned banking regulation reforms go too far in some cases and would lead to functioning systems being thrown out without good reason, according to prepared remarks.

"In Germany and in other member states, we have well-functioning guarantee systems for smaller banks. We should not throw these out without good reason," Scholz said at a savings bank event.

The EU aims to update rules on failing banks to make it easier to apply EU resolution rules instead of national practices to lenders that are a tier down from too big to fail.