European Stability

Confidence in eurozone

GMT 07:49 2012 Monday ,23 January

Arab Today, arab today Confidence in eurozone

German Finance Minister Wolfgang
Berlin - AFP

German Finance Minister Wolfgang Berlin - AFP Financial markets are gradually regaining confidence in the eurozone, German Finance Minister Wolfgang Schaeuble said Sunday."This can be seen  in the market reaction," Schaeuble said in an interview with German public television ARD."We're not yet in the clear, but we have seen in recent weeks and during recent bond sales that the markets are slowly regaining confidence." He said this was generated by decisions taken by European heads at a summit in December. Schaeuble was speaking the day before the year's first meeting of finance ministers from the eurozone. Asked about an article in German newspaper Der Spiegel, which said Italy's Prime Minister Mario Monti had argued for a doubling in size of the eurozone's European Stability Mechanism (ESM), Schaeuble said leaders would look closely at the mechanism in March as agreed earlier. A permanent fund, the European Stability Mechanism (ESM), due to begin operations in July will run in parallel with the EFSF, a temporary instrument, for one year. The combined capacity of both funds is supposed to be capped at 500 billion euros, but several countries, the European Central Bank and the European Commission want it to be larger. When questioned if Germany should do more to help the eurozone, Schaeuble said "the problems were not created in Germany." "We are doing more than all the other countries," he said.  

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