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Plans to create a eurozone banking union hit a brick wall on Tuesday after Germany’s influential finance minister cautioned over moving too quickly, casting doubts over whether the EU would seal a deal by the end of the year. The objections from Wolfgang Schäuble come just a week before a summit of EU leaders and raise the prospect of a significant delay to establishing a single eurozone banking supervisor, a reform billed as critical to rebuilding confidence in the bloc’s shaky financial sector. (FT.COM)

Eurogroup head Jean-Claude Juncker has announced that he is stepping down at the end of December. (BBC.CO.UK)

Angela Merkel, German chancellor, demonstrated her unrivalled authority within the centre-right Christian Democratic Union on Tuesday when she was re-elected party leader with support from 97.9 per cent of party delegates. (FT.COM

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