German Finance Chief Warns Euro Crisis Not Over

By: Associated Press
By: Associated Press
Wolfgang Schaeuble said Thursday that Europe

German Finance Minister Wolfgang Schaeuble is surrounded by journalists at the German Constitutional Court in Karlsruhe southern Germany, Tuesday July 10, 2012. Germany's highest court is to hear arguments Tuesday against the country signing up to the Europe's emergency bailout fund and a new treaty limiting debt. Opponents of the treaties argue that joining the bailout fund and debt pact for the 17 countries that use the euro would impose limits on the German Parliament's constitutional power to say how taxpayer money is spent. Parliament ratified the treaties June 29 but President Joachim Gauck has held off signing them into law while the court hears the objections. The Federal Constitutional Court is being asked to issue a temporary order blocking Gauck from signing while it fully considers the case, which court officials have said could take several weeks. (AP Photo/dapd/Ronald Wittek)

HAMBURG, Germany (AP) -- Germany's finance minister warns the eurozone crisis is not over despite the improvement in borrowing rates for many financially struggling countries, such as Spain and Italy.
Wolfgang Schaeuble said Thursday that Europe's crisis response and the European Central Bank's pledge to do whatever it takes to defend the 17-nation currency has "won back some confidence, but that is fragile."
The minister insisted the bloc's governments must act now and not lose the momentum to create a stronger, more integrated currency zone.
Schaeuble reiterated that the euro is not the cause of the crisis, but the answer to challenges posed by a globalized world.
Speaking at a gathering of business leaders in the northern city of Hamburg, Schaeuble insisted: "Without the euro, we all would be much worse off."

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