Europe Update: Schauble Comments on Euro Bonds

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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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  Other stories on Europe to review:

  • The "Redemption Fund" - A Plan Germany Could Support
    
  • Summit Preview - The Building Blocks to Greater Integration"
    
  • Eurozone Preliminary PMI's Remain Weak in June
    
  • Greece Has Formed a Government
    
  • Eurozone ZEW Index Continues to Decline
    
  • German ZEW Index Slides in June
    
  • Greek Voters Support Euro and Bailout
    
  • Spain Downgraded at Moody's
    
  • Eurozone Industrial Production Declines
    
  • Spanish Banks To Get 100 Billion Bailout
    
  • ECB Leaves Rates Unchanged; Keeps Hope for Action Alive
    
  • Germany's Industrial Production Falls

    iShares Germany - Last 12 Month
  

   

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