Banking regulation row escalates

German finance minister Wolfgang Schaeuble pushed back against Deutsche Bank co-CEO Juergen Fitschen after he said the minister’s call to keep up vigilance of banks was “irresponsible”.

Mr Schaeuble — speaking to reporters in Berlin — challenged comments made on Wednesday by Mr Fitschen in his capacity as president of the BDB private banking federation, saying that he was “wrong”.

“The experience of the financial crisis shows that the regulation of financial markets is urgently needed,” he said. “The fact that we have to keep regulating is self-evident in view of highly innovative forces.