German Finance Minister Olaf Scholz intends to unveil a reform of the government’s financial oversight, as the widening scandal over the collapse of Wirecard AG reaches the highest levels of Chancellor Angela Merkel’s government.
Scholz’s 16-point “action plan” would install a streamlined system to pursue irregularities among banks, insurers and payment companies, according to draft reported by Sueddeutsche Zeitung newspaper. The new rules would be put in place by spring of next year, the newspaper said.
