Germany's Scholz calls for banking union in Europe

German Chancellor Olaf Scholz on Tuesday called for the completion of a European banking union, calling it a 'priority' and urging more uniformity in financial markets across the region.

Banking union is a project designed after the financial crisis to centralise supervision of big lenders at the European Central Bank.

A central element of the plan, however, a joint deposit protection scheme, has not been agreed in the face of German opposition.