"A German Europe would be a nightmare," Schäuble says

Wolfgang Schäuble spoke of "signs of improvement" in Spain, Ireland, Portugal and Greece, and described a German Europe as a frightening picture.

"For me the idea of a German Europe is a frightening image. Europe means the greatest possible unity and incredible diversity wealth," Schäuble said in a partisan event, adding that "a German Europe is a nightmare."

Referring to the crisis in the Eurozone, the German Finance Minister said that economies cannot avoid the "absurdly high" challenge for competitiveness and noted the progress that has been made in Spain, Ireland, Portugal and Greece. He added that tackling the problem of unemployment requires more labor market flexibility and greater mobility of the unemployed.