German Finance Minister Wolfgang Schaeuble made very optimistic statement about the Euro on Sunday by stating the single currency is here to stay and those betting against its survival are making a huge mistake.
In an interview in Bild Am Sonntag newspaper Mr. Schaeuble stated, “Those who bet their money against the euro will have no success… the euro will not fail, the euro benefits us all and we will defend it successfully.”
The German Finance Minister told the press in his interview those leaders from all the European countries which share the single currency agree on the stance that Euro has worked in their common interest the converting back to separate national currencies would be a big mistake.
Euro zone has been affected with sovereign debt crisis of many European countries like Greece, Spain, Ireland, Italy and Portugal. Further The European leaders are meeting in the next week to find a solution for the Euro zone debt crisis and bring stability to Ireland’s and Greece’s economic system.
On dropping out countries from the single currency Euro system Schaeuble said, “If even a smaller country were to drop out, the consequences would be incalculable. I think of the Lehman bankruptcy when I say this: we must not make the same mistake twice.”
He further added, “Sometimes it takes crises so that Europe moves forward, in this crisis, Europe will find steps toward further unification.
Germany along with France has devised strategy for a better alignment of their tax and labor policies to facilitate stability in the region. However the both countries have totally rejected the call for an increase in euro zone rescue fund and joint sovereign bonds which eventually reduces the borrowing costs of countries on southern periphery of Europe.
