Watch CNBC's full interview with German central bank chief Joachim Nagel

European Central Bank policymaker Joachim Nagel speaks to CNBC’s Karen Tso at the IMF Spring Meetings taking place in Washington, D.C.

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No to Banking Union. What is to stop banks loading up with Sovereign bonds of their own country and then having to be bailed out by the tax payers of another EU country if the market value of these sovereign bonds is impaired for whatever reason. This would , in effect, amount to a fiscal union and sovereign bailout via the back door.