Europe's planned banking union will not solve the bloc's debt crisis, Europe European Central Bank policymaker Jens Weidmann said on Tuesday.

European leaders have agreed to set up a new European banking supervisory body as the first pillar of a bank union that will also include a joint framework to wind down banks, as well as a common deposit scheme to shield taxpayers from having to foot the bill for any future financial crises.

Weidmann, who is also the governor of Germany's central bank, said steps to set up the banking union should not be rushed, and should instead be done thoroughly.

"I do not believe that the banking union is a quick fix to the current crisis," Weidmann said in a welcome address at a finance conference in Frankfurt.

(Reporting By Eva Kuehnen)