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Minister: Markets trust eurozone again

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Photo: DPA
07:48 CET+01:00
Financial markets are gradually regaining confidence in the eurozone, German Finance Minister Wolfgang Schäuble said Sunday.

"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."

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

AFP/bk

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