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German FM: We do not have "euro crisis"

English.news.cn   2012-08-31 20:16:25            
 • German FM: The term "euro crisis" is " misleading", and what Europe is facing now is "debt crisis."
 • "The euro is stable and you can trust in our common currency," German FM Westerwelle said.
 • He said the essential factor for a better future is growth.


HONG KONG, Aug. 31 (Xinhua) -- German foreign minister Guido Westerwelle said here on Friday that the term "euro crisis" is " misleading", and what Europe is facing now is "debt crisis", which extends into a crisis of confidence.

Addressing a luncheon held by Asia Society Hong Kong Center, Westerwelle said the crisis of confidence stemming from debt crisis is the key problem Europe has to face and solve.

"That 'the euro is in crisis' is really misleading. The euro is stable and you can trust in our common currency," he said.

Westerwelle said the provision of short-term liquidity alone would not be enough to overcome the crisis. "What we need to do is to convince the markets that the euro zone would be an area of enduring financial stability in the future".

He said the essential factor for a better future is growth, which is not the result of debts but the result of competitiveness, and competitiveness comes from structural reform.

Westerwelle suggests to build and balance three pillars, which are solidarity in Europe, the budget discipline and growth, to help solve the crisis.

In addition, Westerwelle said Germany is seeking for strategic partnerships with new centers of power as the world is changing, and the partnership is more than business, but a broader agenda including education, science and cultural exchanges.

He said Hong Kong has changed remarkably under the principle of "one country, two systems" over the past years, and Hong Kong's success in dealing with globalization provides inspiration for Europe today.

"Every crisis is an opportunity. Europe will use this window of opportunity and remain as a reliable global actor in working with its Asian partners."


Germany, France to set up working group on euro crisis

BERLIN, Aug. 27 (Xinhua) -- Germany and France, largely viewed as motors of European integration, are planning to establish a joint working group on the eurozone debt crisis, the two countries' finance ministers said Monday.

The group is aimed at strengthening cooperation between Berlin and Paris "so as to prepare for the pending decisions on a bilateral basis," German Finance Minister Wolfgang Schaeuble said after talking with his French counterpart Pierre Moscovici.  Full story

News Analysis: Italian PM to meet Merkel in Berlin amid fears of Euro recession

By Josephine McKenna,

ROME, August 25 (Xinhua) -- Italian prime minister Mario Monti will meet German chancellor Angela Merkel in Berlin on Wednesday ahead of an Italian debt sale that is likely to focus fresh concern about the future of the euro and the region's worsening economic crisis.

Next week's Italian bond auction is the first in a series of bond sales throughout the eurozone in the coming weeks and will be a litmus test of government responses to three-year-old debt crisis.   Full story

Hollande, Merkel determined to save euro

PARIS, July 27 (Xinhua) -- French President Francois Hollande and German Chancellor Angela Merkel on Friday expressed their determination to save the euro after inflated Spanish and Italian borrowing costs once again fuelled fears of the European currency's collapse.

The two leaders of Europe's key powerhouses agreed that the two countries were "fundamentally attached to the integrity of the euro area" and that "they are determined to do everything to protect it," according to a statement by the French president's office.    Full story

Interview: Greek exit will not bring down eurozone: Commerz Bank chief economist

FRANKFURT, July 27 (Xinhua) -- The Greek exit will not be risk free for the eurozone, but it shall not endanger the stability of eurozone as a whole nor bring down the single-currency bloc, a senior Germany economist said. Full story

Commentary: Greece, Spain may push euro zone deeper into debt mire

BEIJING, July 24 (Xinhua) -- Summer is usually a time when European traders like to take advantage of the quiet market and indulge themselves on sunny beaches.

This year, though, the mere thought of where the most beautiful of those beaches are located -- Spain and Greece -- may spoil their appetite for vacation. Full story

German President calls on Merkel to explain euro crisis

BERLIN, July 8 (Xinhua) -- German President Joachim Gauck on Saturday asked Chancellor Angela Merkel to explain in detail why the eurozone's largest economy needs to save its troubling partners.

In an interview with German television ZDF, Gauck said Merkel must give German citizens a more clarified explaination on the necessity to dissolve the gnawing eurozone sovereign debt crisis.   Full story

Monti, Merkel talks in Rome show unity to end euro-zone debt crisis

by Josephine McKenna

ROME, July 4 (Xinhua) -- The latest meeting between Italian Prime Minister Mario Monti and his German counterpart Angela Merkel in Rome Wednesday sent a message of unity to investors and market in the face of mounting domestic pressure.

Being keen to bury their differences that emerged over the use of European funds to bailout troubled banks when Merkel yielded at last week's European Union (EU) summit in Brussels, the two leaders reached a deal to allow the eurozone's main bailout fund to help banks directly.  Full story


Editor: Lu Hui
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