• Germany edition
 
The euro will not fail, Schäuble says
Photo: DPA

The euro will not fail, Schäuble says

Published: 11 Dec 2010 15:52 GMT+01:00
Updated: 11 Dec 2010 15:52 GMT+01:00

"Whoever bets his money against the euro will not succeed," Schäuble told the mass circulation weekly Bild am Sonntag, in an interview to appear in Sunday's edition.

"The euro will not fail," added the minister, amid speculation that debt crises in some countries of the 16-nation zone could bring down the currency.

"All those in charge in Europe are agreed: The euro brings us all advantages. And therefore we will successfully defend it," Schäuble added.

The finance minister also set out the stakes if the crises in Ireland and Greece were to spread to Portugal, Spain and others, forcing one of the countries from the eurozone.

"Even if one of the small countries were to leave, the consequences would be incalculable," Schäuble said.

"And when I look back at the effects of the Lehman Brothers crash, I say, 'Let's not make the same mistake twice,'" he concluded, referring to the collapse of the large US investment bank that sparked the financial crisis.

EU leaders will meet in Brussels on Thursday and Friday to discuss setting up a permanent crisis fund for the euro area after its current fund expires in 2013.

The EU decided on May 9 to create a €750-billion ($992-billion) joint fund with the International Monetary Fund, a mixture of loans and guarantees from eurozone and EU partners for troubled states.

Your comments about this article

18:21 December 11, 2010 by HANNIBAL-BARCA
FIAT currencies always end. The average life span of a fiat currency is less than that of a human. The British Pound Sterling and the United States Dollar are two rare exceptions, however they both fallen from grace. The former is a shadow of it's previous self and the latter has lost over 100% of it"s purchasing power in the last 90 years against various relevant metrics.

Schauble boast is pure hubris and political pontificating. He wouldn't know a speculator from a politician if he looked in the mirror. Based on the debts already incurred within the Euro, it's debasement is assured.
20:40 December 11, 2010 by raandy
It does not bring every country advantages,especially those that would have benefited from a currency devaluation.
21:21 December 11, 2010 by Logic Guy
Well, I wouldn't be so quick to bet against Schable. He's a rather bright man. If one or two Euro members were to leave, the Euro would could still survive. Actually it would become stronger, as troubled and high debt burdened nations would allow the currency to stablize.
10:04 December 12, 2010 by storymann
No doubt Schäuble is an intelligent person ,but he only represents Germany,who's along with france's economies are the driving force of the eurozone economies.

There is a vast deviation between countries ,when it comes to GDP,,wages ,cost of living ,and inflation. The ECB has made the Euro,as a one size fits all,which is not working.The guidelines that work for the more robust economies is not working for the lesser ones,This is a problem now and may become a much bigger one in the years ahead,if members opt out due to this pressure,then the concept of a single currency across the euro zone has failed. Germany can bail out these countries for the short term,along with help,but a continuation in disparity between countries will eventually bring it down.

As long as the USA and China manipulate their currencies causing the Euro to be over valued and there by slow exports out of the euro zone and increase theirs ,only makes matters worse. The Euro debt crisis may intern bring the value of the currency down(despite the efforts of china and the usa) and help increase exports out of the euro zone ,there by increasing individual states GDP and reducing the debt crisis. Time will tell.
01:19 December 13, 2010 by wenddiver
How funny, if there wasn't serious doubt that it will fail he wouldn't be addressing it in the press. What a politician!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
12:32 December 13, 2010 by delvek
you are 100% correct wenddiver.

There is no doubt the Euro IS on uncertain terms. I am not saying it will fail or not, but it is going through a defining momment in its history. Generally, the Euro has not been a good thing for European citizens. It causes most average people to lose buying power and decreases their individual standard of living. I was in Croatia couple of months ago and just about everyone I spoke to is dreading the potential Euro price spike that would follow.

Well, something has to be the straw that broke the camels back, if its not immigration then make it currency, in the end it all goes into the same blender and war cocktail eventually is served.
16:28 December 13, 2010 by slawek
For those not accustomed to German politics. There is a 30 years old political saying "The pension is safe" - ger.: Die Rente ist sicher - which caused a lot of sarcasm over the years. It seems like Schauble wants to coin a quote of his own, which is sort of very funny, because it makes you think instantly of failures in the pension system.
16:59 December 13, 2010 by derExDeutsche
Was this man hired because he has the most Phallic finger in Germany? Or maybe was it the way he waves it next to his mouth in every photo op, that got him the job?

Either way, he's apparently the messenger we're not supposed to kill.

The Euro has not failed us, We failed the Euro. Thanks. Rechnung, bitte.
15:02 December 14, 2010 by SockRayBlue
Wolfie, why did you decide to forego the German Mark for a combined currency in the form of a Euro? It looks to be the beginning of the end for Europe. I think it best for Europen country's to regain their sovereignty.
Today's headlines
UN climate talks shuffle to a close in Bonn
Photo: DPA

UN climate talks shuffle to a close in Bonn

Concern was high at a perceived lack of urgency as UN climate negotiations shuffled towards a close in Bonn on Saturday with just 14 months left to finalise a new, global pact. READ  

Berlin slams Italy Nazi claims court ruling
Italy's National Partisans' Association welcomed the court decision. Photo: DPA

Berlin slams Italy Nazi claims court ruling

Italy's constitutional court has ruled that victims of Nazi-era war crimes can sue Germany in Italian courts, rejecting a UN ruling and provoking a strong reaction from Berlin on Friday. READ  

Expats reveal another side of Berlin Wall
Photo: Paul Sullivan

Expats reveal another side of Berlin Wall

Two expats who walked the Mauerweg - the 160-kilometre trail that runs the length of the former Berlin Wall - have written a book about forgotten aspects of its past and present. READ  

Karstadt closes six stores to stay afloat
Photo: DPA

Karstadt closes six stores to stay afloat

Germany's biggest department store chain Karstadt will close at least six stores, putting around 2,000 jobs at risk, in a drastic bid by its new boss to return it to profit. READ  

Quiz
How well do you know Germany?
Photos: DPA/Shutterstock

How well do you know Germany?

Do you know your Saxony facts from your Saxony-Anhalt ones? Test your knowledge of Germany's federal states in The Local's quiz. READ  

Climate chief hails Bonn greenhouse gas deal
Pollution from a coal-fired power station in Frimmersdorf, North Rhine-Westphalia. Photo: DPA

Climate chief hails Bonn greenhouse gas deal

The UN's climate chief hailed a European agreement in Bonn on greenhouse gases on Friday as providing "valuable momentum" for a world pact to be inked in Paris next year. READ  

Germany gets €780m EU rebate for poor growth
Photo: DPA

Germany gets €780m EU rebate for poor growth

Germany will get an early Christmas present of around €779 million from the EU, thanks to weaker than expected GDP growth. READ  

Stay inside after blast, Ludwigshafen told
Photo: DPA

Stay inside after blast, Ludwigshafen told

It will take several days to find out what caused a massive explosion on Thursday which rocked a town on the Rhine, killing a builder and injuring 26 others. READ  

German helicopter fleet 'not fit for Nato'
An NH90 helicopter. Photo: DPA

German helicopter fleet 'not fit for Nato'

Germany's fleet of NH90 helicopters is undergoing engineering checks after one of them suffered a serious engine failure, in the latest blow to the country's military capabilities. READ  

Ex-boss of Berlin Airport farce gets €1.2m
Rainer Schwarz at a court hearing in September into the case. Photo: DPA

Ex-boss of Berlin Airport farce gets €1.2m

The man who was blamed for Berlin's miserable attempt to build a new airport must be paid more than €1 million - after being fired. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Photo: DPA
Politics
Satirist lives the dream on EU gravy train
Photo: DPA
Gallery
PHOTOS: Huge explosion rocks Ludwigshafen
Photo: DPA/Shutterstock
Gallery
Which high school cliche is your German city?
Photo: DPA
Gallery
Storm hits southern Germany
Sponsored Article
An international school unlike any other : School on the Rhine
Photo: Fitzpatrick family
Society
'We still don't know what happened to Matthew'
Photo: Mariana Schroeder
Munich
Special Report: Hope and chaos at Munich's refugee shelters
Photo: DPA
Culture
Can you top our history quiz leaderboard?
Photo: DPA/Shutterstock
Gallery
11 things Germans are afraid of...
Photo: DPA
Business & Money
JobTalk: All you need to know about working in Germany
National
Share news tips with The Local Germany
Sponsored Article
Bilingual education from nursery to graduation at Phorms
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

3,524
jobs available
Toytown Germany
Germany's English-speaking crowd