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ECB governing council (Photo: European Central Bank)

Banking union faces legal challenge in Germany

Germany's constitutional court is once again to be a testing ground for the eurozone's reponse to the financial crisis as a group of academics has filed a case arguing that the banking union is illegal.

The five academics argue that the Banking union - a new supervisory and bank resolution system for eurozone banks - breaches German law as it was not agreed with the right treaty changes, reports

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