Europe Update: Schauble Comments on Euro BondsJune 28, 2012 @ 8:07 AM EST
Europe Update: German Finance Minister Comments
Comments from Germany’s Finance Minister Wolfgang Schauble have moved markets this morning. The headline that the computers grabbed involved Schauble saying that Berlin was willing to negotiate on euro bonds, something that Angela Merkel has said she is dead set against unless a fiscal union preceded the idea.
However, things have settled down after more details of the finance minister’s comments were released including:
- Berlin is willing to go 'as far as we need to' towards fiscal union
- Eurozone ministers should use all tools in the EFSF/ESM
- Urged Eurozone ministers to use EFSF to buy bonds
- EFSF could co-invest in primary market auctions
- Calls for European budget czar as a precondition for Eurobonds
- Fiscal union must be made irreversible
The comments sent futures popping higher. However, a spokesman for Schauble has since said that the finance minister did not say Germany will move sooner on euro bonds.
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