ECB vice-president Luis de Guindos has criticised Germany’s opposition to UniCredit’s bid for Commerzbank, warning that political resistance to cross-border banking deals undermines the EU single market and its savings and investments union.

“It’s very difficult for governments to argue that they are in favour of the savings and investments union if they then say ‘Well, no, we are against this specific transaction,’” de Guindos told the FT in an interview.

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