Senior European policymakers are debating how much progress they can make on a proposed banking union without changing the EU treaty. Finance ministers are rejecting the position taken by German Finance Minister Wolfgang Schaeuble that, under existing EU law, two key elements of the banking union aren't possible. "The Germans are putting forward understandable questions which will have to be dealt with, but I don't see why that would stop us making progress on the banking union," said Jeroen Dijsselbloem, president of the euro-zone finance ministers group.

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