Brussels euro crisis summit fruitful, says German minister

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Báo Tuổi Trẻ English - 11 month(s) ago 1 readings

Brussels euro crisis summit fruitful, says German minister

Last week's summit of EU leaders in Brussels brought the "right answers" to the problems facing the eurozone, German Finance Minister Wolfgang Schaeuble has told a German newspaper.

wolfgang German Finance Minister Wolfgang Schaeuble, pictured on June 29, said last week's summit of EU leaders in Brussels brought the "right answers" to the problems facing the eurozone. Photo: AFP

Last week's summit of EU leaders in Brussels brought the "right answers" to the problems facing the eurozone, German Finance Minister Wolfgang Schaeuble has told a German newspaper.

In an interview to be published on Sunday in the Frankfurter Allgemeine Sonntagszeitung, Schaeuble said: "The Brussels summit brought the right answers to the problems facing" eurozone members.

EU leaders had established "a clear plan for growth" in 2013, he said.

Germany's long-held principle of pooling debt that would be controlled by a separate body was "backed with insistence and without exception" he added.

"The markets seem to accept that there is no sense in speculating in vain against the eurozone, which is a bloc."

Germany ratified a pact agreed by EU leaders at last week's summit that allows a permanent bailout fund, the European Stability Mechanism (ESM), to be tapped to recapitalise banks without having to go through governments.

The 500-billion-euro ($623 billion) ESM could not be established without Germany's backing as it needed ratification by countries making up 90 percent of its capital to take effect.

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