Arab Today, arab today brussels euro crisis summit fruitful
Last Updated : GMT 21:55:33
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German Minister Wolfgang:

Brussels euro crisis summit fruitful

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Arab Today, arab today Brussels euro crisis summit fruitful

German Finance Minister Wolfgang Schaeuble
Berlin - AFP

German Finance Minister Wolfgang Schaeuble Berlin - AFP Last week\'s summit of EU leaders in Brussels brought the \"right answers\" to the problems facing the eurozone, German Finance Minister Wolfgang Schaeuble has told a German newspaper. In an interview to be published on Sunday in the Frankfurter Allgemeine Sonntagszeitung, Schaeuble said: \"The Brussels summit brought the right answers to the problems facing\" eurozone members. EU leaders had established \"a clear plan for growth\" in 2013, he said. Germany\'s long-held principle of pooling debt that would be controlled by a separate body was \"backed with insistence and without exception\" he added. \"The markets seem to accept that there is no sense in speculating in vain against the eurozone, which is a bloc.\" Germany ratified a pact agreed by EU leaders at last week\'s summit that allows a permanent bailout fund, the European Stability Mechanism (ESM), to be tapped to recapitalise banks without having to go through governments. The 500-billion-euro ($623 billion) ESM could not be established without Germany\'s backing as it needed ratification by countries making up 90 percent of its capital to take effect.

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