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The euro will not fail, Schäuble says
Published: 11 Dec 10 15:52 CET | Print version
Online: http://www.thelocal.de/money/20101211-31751.html
German Finance Minister Wolfgang Schäuble on Saturday warned speculators on the financial markets not to bet against the euro, as European leaders prepared for a summit next week to shore up the embattled currency.
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"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.
AFP (news@thelocal.de)
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Your comments about this article:
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.
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.
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.
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.