German - Politician | September 18, 1942 -
It is true that no member state can be required to make payments to others. But if countries want to offer voluntary assistance, as in the Greek case, this isn't only allowed, but it's also in Germany's interest. We all benefit by ensuring the stability of the euro zone.
Wolfgang Schauble
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I would caution against fueling cheap populism. First of all, every German who has spent a vacation in Greece knows that the standard of living there isn't higher than it is in Germany. Second, Greece is paying a high price for European assistance.
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I think there will be no government bankruptcy in Greece.
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My private financial situation is such that I don't need to worry about my investments. I don't have much to invest.
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Even when one is doing well, one still worries that things might go badly again in the future. This is an old observation based on human experience.
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This much is true: When we created the euro, it wasn't possible to create a political union along with it. People weren't ready for that. But since then, they've grown more willing to go in that direction. It's a process, one that is sometimes laborious and sometimes slow. But it's important to keep the populations involved.
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I've been a politician long enough to know that every year will find us living in a situation that one couldn't have imagined a year previously. Sometimes it's better than we imagined, sometimes it's not as good.
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Europe should speak more effectively and clearly with one voice in the world.
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Germany has always stood for an E.U. of the 27 countries. But in light of Britain's continued resistance to further integration steps, as we saw with the fiscal pact, there are limits to my optimism in this regard. It's quite possible that we will have to create the new institutions for the euro zone first.
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Mr. Geithner is an excellent minister. We have a good personal relationship.
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The United States lived on borrowed money for too long, inflating its financial sector unnecessarily and neglecting its small and mid-sized industrial companies.
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The German export successes are not the result of some sort of currency manipulation, but of the increased competitiveness of companies. The American growth model, on the other hand, is in a deep crisis.
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