AMSTERDAM – For European banking union to succeed, all EU member countries need to be in agreement, Christine Lagarde, managing director of the International Monetary Fund, said on Tuesday.
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"You need to have all the players at the table," Lagarde, managing director of the IMF, told students at the University of Amsterdam when asked about Germany's concerns.
The banking union is one of the key projects to improve the economy of the 17 countries sharing the euro. It would help eliminate many of the problems that now hold back the flow of credit needed to finance a euro zone economic recovery.
Germany has shown some reluctance, but Finance Minister Wolfgang Schaeuble signaled a softening of his stance earlier on, saying the euro zone should press ahead on the basis of current law.
(Reporting by Sara Webb Editing by Jeremy Gaunt)