German finance minister: We want to decide on progress in banking union in December

BRUSSELS (Reuters) – German Finance Minister Olaf Scholz said on Monday that he wanted progress on the European Union’s banking union to be made in December and added that plans for a euro zone budget should strengthen the bloc further.

The banking union is intended to make the financial sector more robust by setting up one set of rules for all banks to follow, one supervisor — the European Central Bank — and one resolution procedure with money to back it in case a bank fails.

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