German Finance Minister Calls for More “European Level” Actions

According to Germany’s Finance Minister, Euro zone states must do more “at a European level” and work for budget setting and fiscal policy to European institutions to solve the debt crisis.

Wolfgang Schaeuble to Focus, a German news magazine, that Italy is capable of resolving its problems.

“The actual economic data is not so bad. The problems just need to be tackled… These are also solvable by Italy itself. What Rome must overcome is nothing like the mountain Greece must climb,” he said

“The pressure of the crisis is allowing things to happen which otherwise wouldn’t be possible… the bigger the crisis the greater the need for change.

“The sense that this will bring us much further in the end helps me through the frustrating times. Why wouldn’t the membership of the commission in charge of putting the agreements into effect not have the same rights as the competition authority,” he questioned in an interview with the Le Monde. “Why does the right exist for violations of European laws to appeal to the Court of Justice of the European Union but not violations of the Stability Pact?”

“If we don’t find a solution for the 27 EU members, it must then be discussed on the level of the euro zone,” he added. “Those who want to be leaders must move forward. That’s the case with France and Germany.”

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