Schäuble: Accelerate the reforms if you want low interest rates

In an interview at the Handelsblatt newspaper, German Finance Minister Wolfgang Schäuble said the debate on changing the European treaties should reopen after the European elections. He added that the monetary union should become stronger and this is why Berlin will reinstate the request for changing the treaties so the Eurozone can acquire a common fiscal and economic policy.
 
Reiterating his older proposal for a "minister of the Eurozone," Schaeuble said, "it is understandable that we need a full-time Eurogroup president." He argued that the euro crisis has not been fully overcome, but Europe is on the right track. "There are still many inequalities. Lending rates for Germany are very low, while other Eurozone countries borrow too expensively. Therefore structural reforms in these countries should be implemented quickly so they can regain their competitiveness."
 
The German Finance Minister also attacked the markets’ doomsayers and particularly George Soros, claiming that actions to stabilize the Eurozone were successful. "George Soros was constantly repeated his disaster scenarios. And still does although it is clear he is wrong."
 
He also referred to the crisis in Ukraine, warning Russia with the imposition of new sanctions "if deemed necessary.” Germany has no interest in escalating the tension, but we cannot just merely accept the facts in Crimea. Russia has more to lose than us if it chooses to escalate the tension."
 
It is worth noting that a modification of European treaties would be an extremely long process as it requires the agreement of all member-states, while the constitutions of some even provide for a referendum.