German finance minister warns that EU bank union plan shuns economic reality

German finance minsiter Wolfgang Schaeuble has slammed the European Union's banking union plans, saying that it is unrealistic, and shuns legal, political and economic reality.

Schaeuble said that Michel Barnier's proposal "would create major risks". Barnier's suggestion sees the introduction of a Single Resolution Mechanism, which would be able to restructure and close banks across 17 of the EU's members.