Germany’s Finance Minister Wolfgang Schäuble warned he is prepared to bring the case to the court to overturn Brussels’ plans for a eurozone deposit guarantee system.
Schäuble also attacked the European Central Bank for promoting the scheme, saying it was not properly intermediating in a policy beyond its monetary remit.
The minister specifically lashed out ECB Vice President Vitor Constâncio as the bank was running roughshod over rules mandating it to place a firewall between monetary policy decision making and bank supervision.
The European Commission sought to guarantee Germany it is determined to contend with the remaining risks in the banking system and pool responsibility to backstop deposits as well. Deposits are insured up to €100,000 across the region.
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