February 20, 2018 / 2:11 PM / 4 months ago

Banking union talks in Brussels have stalled - Italy Econ Min

BRUSSELS, Feb 20 (Reuters) - Talks over European banking union at the bloc’s headquarters in Brussels have stalled, Italian Economy Minister Pier Carlo Padoan said after a meeting of EU finance ministers on Tuesday.

Padoan said the question of banking union, which is due to include an EU-wide deposit guarantee scheme, had been discussed “at length” during two days of meetings.

“Unfortunately we have had to acknowledge there is stalemate between those who, like Italy, think we need to introduce risk-sharing mechanisms as soon as possible, and those who maintain we need to reduce the risk,” he told reporters.

Padoan also said all the bloc’s finance ministers had backed the nomination of Spanish Economy Minister Luis de Guindos as European Central Bank vice president.

“I don’t see why the nomination of de Guindos, who from a personal point of view has all the qualifications to be a member of the ECB board, should be an attack on its independence.” (Reporting by Francesco Guarascio, writing by Isla Binnie)

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