Schäuble: Confidence in the euro has returned

Confidence to the euro has returned, but the eurozone will now have to try and make this economic development sustainable and cannot rely on the support of the European Central Bank (ECB), German Finance Minister Wolfgang Schäuble said.

Speaking at a Bundesbank meeting (German Central Bank), he repeated his position against the eurobonds, saying that with the existing structure of the eurozone they would reduce the incentives of some countries to proceed to reforms.

Concerning Germany, he estimated that the country will do well in the coming years, but noting the need to ensure its development will be sustainable.

He also expressed his confidence that the federal budget for next year will not include any borrowing.