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German court rules EU banking union does not exceed EU powers

The German Bundesverfassungsgericht, or Federal Constitutional Court, ruled that the European Banking Union's Single Supervisory Mechanism and the Single Resolution Mechanism are in line with local laws and do not exceed the EU's powers in a lawsuit filed by German academics.

A group of professors filed a complaint in 2014 in Germany's constitutional court opposing the EU's proposed banking union.

"The banking union has no legal basis in European treaties and so represents a breach of the Basic Law," Berlin lawyer and professor of public financial and economic policy Markus Kerber was quoted as saying.

However, the German court rejected the legal challenge.