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July 12, 2013 AT 2:26 PM
Germany and France were split over European Union plans for a new agency to wind down troubled banks, with Berlin saying they go too far in centralizing control in Brussels. The body would form part of a banking union designed to underpin confidence in the euro zone and end the previously chaotic handling of cross-border bank collapses. But German Finance Minister Wolfgang Schaeuble said in a letter to the EU official in charge of the plans that the European Commission is trying to pocket too much power