Complaint made to top German court against banking union: Report
Published on Jul 27, 2014 8:19 AM
BERLIN (REUTERS) - A group of professors has lodged a complaint with Germany's Constitutional Court against Europe's planned banking union, which starts work in November, Welt am Sonntag newspaper reported on Sunday.
The union is Europe's main confidence-building response to the financial sector crisis.
Under the plans, the European Central Bank will take over as banking watchdog and will have the means to shut lenders it decides are too weak to survive.
"The banking union has no legal basis in European treaties and so represents a breach of the Basic Law," Berlin lawyer Markus Kerber, a professor in public financial and economic policy, was quoted as saying in the paper.
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