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German Finance Chief Sees Slow Progress on EU’s Banking Union

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German Finance Minister Christian Lindner signaled that Europe is unlikely to take rapid strides on forging closer ties between its fragmented banking markets, underlining his country’s hesitance about a project that bankers argue is crucial for cross-border mergers.

“On the banking union, there are many specific problems,” Lindner said Thursday at a banking conference in Frankfurt hosted by Handelsblatt newspaper. These “also relate to our German banking industry from the German government’s perspective and that make further progress time-consuming.”

Since then, member states have been unable to agree on how to share risks in order to turn the bloc into a truly unified market. A plan announced by the European Commission this year to take a small step in that direction has also struggled to gain traction, with Germany one of the most vocal critics.

The decision to pursue mergers is one for the management of the respective banks, he added. Yet he also said he would welcome efforts for European banks to have a “visible role in the global game,” allowing the German and European economies to rely on local lenders for international trade.

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