GO
Loading...

Merkel: Completing banking rules getting harder

German Chancellor Angela Merkel said on Wednesday that finishing off planned regulations for international financial markets was getting increasingly difficult, although much had so far been achieved.

"Internationally, a lot has happened... but it is increasingly difficult to get regulations agreed," Merkel said at a banking event in Berlin. "We have done 80 percent but the last 20 percent is difficult."

Sean Gallup | Getty Images

She reiterated that no political attempts must be made to influence banks' stress tests as that could damage the European Central Bank's reputation as a supervisory body and that Germany would continue to push the G20 group of nations to agree on better regulations for the shadow banking sector.

Read MoreHow many European banks would pass US stress tests?

Merkel also said Germany would need a second reform of renewable energy subsidies to legislate for the period from 2017.

Contact Europe News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More

Europe Video

  • A yes vote in the upcoming Scottish independence referendum could lead some insurers to move their headquarters to London, says Mark Nicholson, associate director at Standard & Poor's Rating Services.

  • The U.S. Federal Reserve remains data dependent and will not bow to hawks, says Mark Haefele, global chief investment officer at UBS, as Janet Yellen continues to make the argument that there is slack in the labor market.

  • European shares closed lower on Friday as tensions in Ukraine flared up once again. It comes after stocks fluctuated as U.S. Federal Reserve Chair Janet Yellen spoke about the labor market in Jackson Hole, Wyoming.