• Germany's news in English

Schäuble: Worst of the euro crisis 'behind us'

The Local · 28 Dec 2012, 07:05

Published: 28 Dec 2012 07:05 GMT+01:00

Facebook Twitter Google+ reddit

In an interview with mass-circulation Bild newspaper on Friday, Schäuble said: "I think the worst is behind us."

"The government in Athens knows that it must not overburden other eurozone

member states. Therefore it is pressing ahead with reforms," he said.

He also expressed optimism about the pace of reform in fellow eurozone powerhouse France, saying Paris "was well aware that every country must constantly carry out reforms in order to stay competitive."

Schäuble, 70, appeared more optimistic on what lies ahead for the eurozone than Chancellor Angela Merkel who has steadfastly refused to sound the all-clear.

Speaking after the EU picked up its Nobel Peace Prize earlier this month, Merkel said she could not "completely" declare the crisis over, describing herself as a "prudent optimist."

In contrast, French President Francois Hollande has repeatedly said the eurozone crisis, which has at times threatened the very existence of the 17-country currency union, was past.

Turning to the German economy, the bloc's largest, Schäuble said he was counting on "decent" growth next year, driven by trade with the United States and Asia.

Story continues below…

"The situation is better than expected because of stronger trade with the US and Asia, among other things. The German economy will therefore grow at a decent rate in 2013," Schäuble said.


The Local (news@thelocal.de)

Facebook Twitter Google+ reddit

Your comments about this article

09:04 December 28, 2012 by Englishted
I have read "Schäuble's Secret Austerity Plan for Germany" in the Spiegel on line ,so somebody somewhere is not telling the truth are you Herr Schäuble.
11:28 December 28, 2012 by Berlin fuer alles
What Schaueble really means is there is 'an election in 2013' so close your eyes until then'.
12:12 December 28, 2012 by Steve1949
What positive developments in Greece is he referring to? The latest cash giveaway maybe? I think this whole Euro thing is a complete scam and nothing less.
14:48 December 29, 2012 by www.emungus.net

Men are all-time optimistic women are usually chary; Merkel displays a tempered attitude , Francois Hollande and Wolfgang Schäuble sound the all-clear. So shall we breathe a sigh of relief and say the European Union(EU) had headed to safer solid ground? Well done.

However, by all accounts, EU has its back to the wall, she might be needing every member states input, what about the UK? The well-dressed masked ball between Europe and Great-Britain appears to be still rolling on... As a special lady, she appreciates special treats. Is Sir EU still asking lady England for a dance? That one would be a jerky one, as usual. With her one-foot-in-one-foot out England becomes somewhat annoying. Does really she deserves any particular treat? Why would she? Don¦#39;t they say that one eats by the sweat of they brow? Without providing effort, England is tempted to impose her game to Germany and France (founding countries of the EU) and dictate her will to Brussels. Furthermore, without fixed point, choice making becomes uneasy; is this the case at Downstreet 10? No clue, we fall into abeyance. The right question is : can Europe trust England? not quite sure; unsatisfied desires may prompt an unsatisfied partner out looking for other bedmates. England is a cute European lady but she loves well hung cowboy guys. Nevertheless, she must watch her steps since cowboys never give gifts (…)
12:56 December 30, 2012 by blackboot11
By the look on their faces in this foto,I don't think that even they believe that one...
13:44 December 30, 2012 by US-TommyBoy
You all have good points. Always beware when politicians say, "it is getting better."

Where were they when they caused the crash? Of course they can say things are "getting better". That is like the Titanic captain saying, "things are getting better, we are sinking more slowly."

The phrase they did not mention is, "Things ARE BETTER."

Greece and France improved? How is rioting in the streets in Greece, and the French courts ruling that tax rates at 75% are unfair?

All I know sitting here in the 'States" is that Germany will benefit from successful businesses and entrepreneurs running from the PIIGS and France due to business climates and high taxes that make it impossible to get ahead.

Protect your borders and work with nations that are less corrupt. and I have said it before, Russia is less corrupt than the PIIGS and France.
20:13 December 30, 2012 by Englishted
Russia is less corrupt than Ireland and France and the rest .

Not from what I have heard.

Do tell where the info comes from @ US-TommyBoy
01:56 December 31, 2012 by jg.
Every three months for the last year or so, there has been a crisis because Greece has not met required austerity targets and payments from the EU have been in doubt. Every time, a deal has been reached at the last minute which has saved Greece from bankruptcy. In all the previous cases, we were told that the problems for Greece were all resolved - but this last time, they haven't bothered. Nothing has been done to change this 3 month cycle with Greece and it will continue.

The full extent of problems for Spain are still unclear, because the Spanish are still insisting that the properties on which Spanish banks have so much debt still hold value, despite the fact that they cannot sell them.

Like Spain and Greece, italy and other EZ members are still suffering under austerity and many of their citizens want to see substantial changes in the status quo.

Anyone who thinks that the worst of the Euro problems are over is deluded. Fiscal union won't be a magic bullet which makes all the EZ sovereign debts disappear. Worse still, if the US reaches the Fiscal Cliff, then the automatic cuts and tax rises will likely provoke a recession in the USA which would affect exports from the EU.
08:24 January 1, 2013 by raandy
Herr Schäuble compromised his insistance that the ECB should not be the supervising authority for all banks in the EZ. Now the ECB will supervice and have authority over about 150 to 200 banks in the zone ,those with assets over 30B euros , almost all of Germanys retail banking will remain under Frankfurt . Schäuble believes that to put all banks under he ECB would create a stepping stone to more risk sharing, which is not in the best interest of German taxpayers.

The single currency for now has some breathing room.

The future of the EZ as an entity has a long way to go before any real improvement will be forthcoming.It will be a major task for these Nations that have for years been sliding down the slippery slope of non competitiveness to be turned around merely by austerity.

Mrs Merkel has stated that 2013 will see some rough times for the EZ which is a clear warning that serious problems lie ahead.
03:38 January 2, 2013 by US-TommyBoy
Sorry it took so long Englishted.

Are any Euros subsidizing unemployed Russians? Are any Euros subsidizing the Political regime of Russia?

Has at any time Russia tried to be the Euro friend while taking billions is subsidies.

Russia you know where you stand. The PIIGS and France? Especially France..during the big war, WWII an honored US General Patton said quite explicitly, "I would rather have the Germans in front of me than France behind me."

Bottom line, who keeps needing bailouts and subsidies to support economies that the politicians will not right? Who caused the woes on the Euro? GDP back to zero for the PIIGS by 2010. Good luck doing the same old thing that got you there.
Today's headlines
Student fined for spying on women via their webcams
Photo: DPA

Student from Munich fined €1,000 for spying on 32 different computers, using their webcams to take photographs, or record their keyboard history.

This is how much startup geeks earn in Germany
Photo: DPA

A comprehensive new survey of 143 startup founders shows how much you are likely to be earning at a German startup, from entry level all the way up to sitting on the board.

Man dies after beating for peeing near Freiburg church
The Johannes Church in Freiburg. Photo Jörgens Mi/Wikipedia

A middle-aged man from southern Germany has died after being attacked by a group of men who took umbrage with the fact he was urinating in the vicinity of a church.

The Local List
Seven German celebrities with uncanny doppelgängers
Former Berlin mayor Klaus Wowereit and actor Alec Baldwin. Photo: DPA; Gage Skidmore, Wikimedia Commons

Check out these seven look-a-likes of well known German figures - we admit that some are more tenuous than others...

Israel seeks to buy three new German submarines: report
A Dolphin class submarine. Photo: DPA

Israel is seeking to buy three more advanced submarines from Germany at a combined price of €1.2 billion, an Israeli newspaper reported Friday.

Here’s where people live the longest in Germany
Photo: DPA

Germans down south seem to know the secret to a long life.

More Germans identify as LGBT than in rest of Europe
Photo: DPA

The percentage of the German population which identifies as lesbian, gay, bisexual or transgender is higher than anywhere else in Europe, according to a new study.

'Reichsbürger' pair attack police in Saxony-Anhalt
File photo: DPA.

A "Reichsbürger" and his wife attacked police officers on Thursday, just a day after another Reichsbürger fatally shot an officer in Bavaria.

Five things not to miss at the Frankfurt Book Fair
Photo: DPA

From consulting a book doctor to immersing yourself in an author's world with the help of virtual reality, here are five things not to miss at this week's Frankfurt Book Fair, the world's largest publishing event.

Parents who don't get nursery spot for kid entitled to pay
Photo: DPA

The Federal Court of Justice (BGH) ruled on Thursday that parents whose children don't receive placements in nursery care are entitled to compensation.

Sponsored Article
How to vote absentee from abroad in the US elections
10 things you never knew about socialist East Germany
Sponsored Article
Last chance to vote absentee in the US elections
How Germans fell in love with America's favourite squash
How I ditched London for Berlin and became a published author
Sponsored Article
How to vote absentee from abroad in the US elections
12 clever German idioms that'll make you sound like a pro
23 fascinating facts you never knew about Berlin
9 unmissable events to check out in Germany this October
10 things you never knew about German reunification
10 things you're sure to notice after an Oktoberfest visit
Germany's 10 most Instagram-able places
15 pics that prove Germany is absolutely enchanting in autumn
10 German films you have to watch before you die
6 things about Munich that’ll stay with you forever
10 pieces of German slang you'll never learn in class
Ouch! Naked swimmer hospitalized after angler hooks his penis
Six reasons why Berlin is now known as 'the failed city'
15 tell-tale signs you’ll never quite master German
7 American habits that make Germans very, very uncomfortable
Story of a fugitive cow who outwitted police for weeks before capture
Eleven famous Germans with surnames that'll make your sides split
The best ways to get a visa as an American in Germany
jobs available
Toytown Germany
Germany's English-speaking crowd