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Schäuble calls for solidarity to fight crisis

The Local · 14 Aug 2011, 06:17

Published: 14 Aug 2011 06:17 GMT+02:00

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"We are going to reinforce the stability pact" but "though we would like to strengthen European institutions straight away, we can only do it step by step," Schäuble said in an interview with the weekly magazine Der Spiegel released Saturday ahead of publication Monday.

"We must have (Europe's) citizens with us", he added. "When we created the euro we were not able to simultaneously create a political union, people were not ready", said Schäuble, often described as the "last European" in Chancellor Angela Merkel's government because of his consistent pushing for European political cooperation.

"In the intervening time, the willingness to go in this direction has increased" but "it is a process and often a slow and difficult one", he said.

Schäuble's remarks come three days before an emergency meeting between Merkel and the leader of Europe's other biggest economy, French President Nicolas Sarkozy, where the two leaders will discuss new rules for the eurozone and try to dispel fears that France and Germany could lose their own top credit ratings.

Germany is demanding strict budgetary discipline from eurozone nations and sanctions for countries that mismanage their finances.

Uniting opinion over a course of action is already proving problematic with disagreement between Germany and Italy over the proposed use of eurobonds to alleviate the debt crisis.

Germany has rejected using the bonds, which are issued and traded outside the country whose currency they are denominated in, until European nations have their budgets under control, said Schäuble.

But Italian Finance Minister Giulio Tremonti on Friday blamed Italy's predicament on the lack of eurobonds.

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European solidarity would not, however, extend to pooling debts, Schäuble said. "There is no sharing of debts and not an infinite amount of aid (available). There are support mechanisms that we will continue to elaborate under strict conditions," he said.


The Local (news@thelocal.de)

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Your comments about this article

14:26 August 14, 2011 by storymann
As painful to some as it is Schäuble's remarks are the truth.

Euro bonds could and most likely would be a negative for Germany. Germany being the most credit worthy nation, likely would face higher borrowing cost and far greater risks if it had to borrow jointly with shaky nations like Italy .Italy on the other hand would find it's borrowing cost reduced and the risk much less.This in essence is what Schäuble is against (pooling the debt) and rightly so.

Rewarding bad financial policies will not bring about a long term solution.
17:30 August 15, 2011 by johnny108
If rewarding bad financial policy is a bad idea, then why is Schauble's idea a good one?

This is politics confusing economics. Schauble is promoting ideas based on political ideals, NOT sound economic bases!

This is the same problem that America is being destroyed with. Don't let it happen to the strongest country in Europe....!

Germany can do better than this idiot.
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