European Banking Union Looking Increasingly Likely

(Reuters) – Germany signaled on Wednesday it was ready to back plans for the European Central Bank to be made the chief supervisor of banks, raising the prospect of a breakthrough on the European Union's most ambitious financial reform.

Finance Minister Wolfgang Schaeuble told the German cabinet he was "optimistic" about a deal ahead of a meeting of EU finance ministers in Brussels on Wednesday, a German official said, speaking on condition of anonymity.

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