In an interview with Passauer Neue Presse newspaper, German Finance Minister Wolfgang Schaeuble noted that the countries which have been in rescue programs have made huge progress.
In fact, Schaeuble referred to these cases as ‘success stories’, underlining that “Ireland, Spain, Portugal and Greece are in a much better position than was believed up until recently.”
The German Finance Minister noted that there in now almost no talk about the problems in Cyprus and underlined that the policy defended successfully the common currency and the countries that received help are now considered pioneers in implementing structural reforms.
Schaeuble also said he wasn’t pleased about comments made by France’s former economy minister Arnaud Montebourg on Germany’s “obsession” with austerity but that this was a domestic debate in France and consequences had been drawn. It should be noted that French President Francois Hollande ejected Montebourg from his cabinet earlier this week.
RECB’s Draghi has been “overinterpreted”
Wolfgang Schaeuble also told the newspaper that European Central Bank chief Mario Draghi had been “overinterpreted” after suggesting that fiscal policy could play a greater role in promoting growth.
The comments, made last Friday have been widely seen as a shift of emphasis towards support for greater fiscal stimulus over austerity.
“I know Mario Draghi very well, I think he is being overinterpreted,” Schaeuble told the Passauer Neue Presse in an interview, adding he respected the independence of the central banker.