German FinMin urges EU countries to continue implementing structural reforms

FXstreet.com (Barcelona) - German Finance Minister Wolfgang Schaeuble said today that it is crucial for the Eurozone countries to continue with their budget consolidation efforts. His comments follow European Commission President José Manuel Barroso’s assertion on Monday that the EU austerity has “reached its limits”.

Wolfgang Schaeuble assured that he is not opposed to boosting growth and emphasized that elevated youth unemployment poses a serious problem for the EU. He also added that Europe needs stability and sustainable growth.

The German Finance Minister affirmed that European governments should bring down their budget deficits and sent a signal to France saying that the country should continue implementing structural reforms in order to attain the necessary flexibility.