Bloomberg News

Schaeuble Calls for Faster European Fiscal Union, Passauer Says

June 08, 2012

German Finance Minister Wolfgang Schaeuble said Europe must work faster to achieve a fiscal union and deeper political integration because of its sovereign debt crisis, Passauer Neue Presse reported today, citing Schaeuble.

There is “no comfortable” path for Greece out of its crisis as it isn’t competitive enough to support the living standards expected by the Greeks, the newspaper cited Schaeuble as saying.

The adjustment program agreed on with the European Union is the best way for Greece to solve its problems in the coming decade, within the euro zone, he added, according to Passauer.

To contact the reporter on this story: Niklas Magnusson in Hamburg at

To contact the editor responsible for this story: Angela Cullen at

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