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European banking unionCNBC
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79% Informative
Italy 's UniCredit appears to have caught German authorities off guard with a potential merger of Frankfurt -based Commerzbank .
Market observers say the swoop may have provoked a sense of national embarrassment among Germany 's government, while it's been argued that the outcome of the takeover attempt could even put the meaning of the European project at stake.
Milan -based UniCredit announced on Monday that it had increased its stake in the bank to around 21% .
Draghi, who has previously served as Italian prime minister, also cited the "incomplete" banking union in the report as one factor that continues to hinder competitiveness for the region's banks. — CNBC 's April Roach contributed to this report..
VR Score
83
Informative language
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English
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