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Minister: Markets trust eurozone again

Published: 23 Jan 2012 07:48 GMT+01:00

"This can be seen in the market reaction," Schäuble said in an interview with German public television ARD. "We're not yet in the clear, but we have seen in recent weeks and during recent bond sales that the markets are slowly regaining confidence."

He said this was generated by decisions taken by European heads at a summit in December.

Schäuble was speaking the day before the year's first meeting of finance ministers from the eurozone.

Asked about an article in German news magazine Der Spiegel, which said Italy's Prime Minister Mario Monti had argued for a doubling in size of the eurozone's

European Stability Mechanism (ESM), Schäuble said leaders would look closely at the mechanism in March as agreed earlier.

A permanent fund, the European Stability Mechanism (ESM), due to begin operations in July will run in parallel with the EFSF, a temporary instrument, for one year.

The combined capacity of both funds is supposed to be capped at €500 billion, but several countries, the European Central Bank and the European Commission want it to be larger.

When questioned if Germany should do more to help the eurozone, Schäuble said "the problems were not created in Germany."

"We are doing more than all the other countries," he said.

AFP/bk

The Local (news@thelocal.de)

Your comments about this article

14:38 January 23, 2012 by derExDeutsche
well yeah, when you say you will do ANYTHING to save your own lousy jobs, citizens be damned, we believe you. But that doesn't mean we believe that things are getting any better.
15:06 January 23, 2012 by Bushdiver
We'll see just how long the markets have faith in the Eurozone. I don't see things getting better. Just a mass of countries throwing more money in the pot. If you keep pouring gas on a fire it will never burn out.
20:09 January 23, 2012 by Englishted
lies,damned lies, and German Finance Minister
11:22 January 26, 2012 by luckylongshot
There is a saying that you know when politicians lie because their lips are moving. So is it possible Wolfgand Scauble made these comments without moving his lips?
19:58 January 26, 2012 by raandy
Sure they they do Wolfgang Schäuble , keep talking.
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