Not Fit for the Next Crisis Europe's Brittle Banking Union

German Finance Minister Wolfgang Schäuble has negotiated a European banking union suited perfectly to his country's tastes. It looks like a victory, but it could prove to be very expensive if Europe or Germany face another financial crisis.
The Frankfurt skyline: Many have accused the German government of watering down the euro zone's new banking union.

The Frankfurt skyline: Many have accused the German government of watering down the euro zone's new banking union.

Foto: Daniel Reinhardt/ dpa