Wolfgang Schäuble

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Last quote by Wolfgang Schäuble

A community cannot exist without the strong vouching for the weaker ones. Such a wide-reaching change requires changes to the European treaties. And there are not many who believe this is realistic at the moment.feedback
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We can learn a lot about a person if we know what types of things he or she talks about or comments on the most frequently. There are numerous topics with which Wolfgang Schäuble is associated, including Europeans and Greece. Most recently, Wolfgang Schäuble has been quoted saying: “If the Greek government upholds all the agreements, European finance ministers could complete the review on May 22 and then soon after that release the next tranche. The longer it takes, the more uncertainty will be in the financial markets and economy. Because we negotiated in a very determined fashion and the Greek government said it would adjust the pensions more strongly to the economic situation.” in the article Germany's Schaeuble says Greece has made good reforms progress.
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Wolfgang Schäuble quotes

Repairing the damage that is being done now will take years.feedback

Erdogan's rhetoric makes me stunned. In a short time, it wilfully destroys the integration that has grown over years in Germany. The repair of the damage will take years.feedback

We have a Eurogroup president, he has been elected to serve until 2018. He does his work very well. The Netherlands has an elections result, now coalition negotiations will be conducted. They certainly don't want any public comments from the non-Dutch, myself included, but Jeroen Dijsselbloem is a good Eurogroup president and his mandate goes until 2018.feedback

Britain's payment obligations are valid for as long as they are set out in the treaties. Britain is a reliable partner in all international agreements – I have no doubts here.feedback

European unification is perhaps the best idea that the Europeans had in the 20th century.feedback

The risks for the global economy continue to persist of course, some even say they have rather increased. This is why it's all the more important that we are well prepared.feedback

Of course we have different points of view. By the way some colleagues are new (here). But we've had goodwill and we the experience and know how inside the international organisations to move on even in difficult times.feedback

We were all convinced that world trade leads to global growth. It is not that we were not united. It was totally undisputed that we are against protectionism. But it is not very clear what (protectionism) means to each (minister).feedback

We have agreed on some wording and language on trade policy which may be helpful or not.feedback

Some times at such meetings you cannot reach all the results that you may want to achieve because you cannot force partners to go along with wording they are not happen with.feedback

Maybe one or the other important member state needs to get a sense of how international cooperation works. It's completely clear we are not for protectionism. But it wasn't clear what one or another meant by that.feedback

It's not true we are not agreed. It's completely clear we are not for protectionism. But it wasn't clear what one or another meant by that.feedback

Naturally we have different points of view. We worked very hard for two days in a pleasant atmosphere. The Americans were not isolated.feedback

It's about the right wording, it's about the openness of the world trade systems in the final communique.feedback

I don't know the exact wording but nobody has raised the issue of protectionism yet and I don't believe that we have to deal with this a lot. It's about finding the right wording, it's about how we phrase the openness of the world trade system in the final communique.feedback

I am not sure whether it would be very beloved in Paris to say so, but we have our own interest, even after Brexit, to have a strong financial centre in London. We can't move the whole business to Europe and it's better to have it in London than in Singapore or elsewhere in the world.feedback

Protectionism and nationalism are never the right answers.feedback

In a globalised world, globalised economic protectionism is not successful. We will fight against any protectionism.feedback

If Greece carries out the reforms, there won't be any problems. If they don't, then there will be problems. I'm confident. Greece is on the right path. I assume it will.feedback

When ECB chief Mario Draghi embarked on the expansive monetary policy, I told him he would drive up Germany's export surplus . . . I promised then not to publicly criticize this course. But then I don't want to be criticized for the consequences of this policy. We don't want to punish the British for their decision. We want to keep Britain close to us. London offers a quality of financial services that are not to be found on the continent. That would change a bit after a separation, but we have to find reasonable rules here with Britain.feedback

The ECB must make policy that works for Europe as a whole. It is too loose for Germany. The euro exchange rate is, strictly speaking, too low for the German economy's competitive position. When ECB chief Mario Draghi embarked on the expansive monetary policy, I told him he would drive up Germany's export surplus. I promised then not to publicly criticise this (policy) course. But then I don't want to be criticised for the consequences of this policy.feedback

One has to tell the British government today: We live in the year 2017.feedback

The United States also signed international agreements. I don't think a big trade war will break out tomorrow, but we will naturally insist that agreements are upheld.feedback

Whoever wants growth - and I trust this administration will be a growth-friendly one - must be in favour of open markets. Protectionism can afford short-term advantages but is almost always damaging in the long term.feedback

If (the IMF) was to decide for some reason to stop participating, the Europeans could have the idea ... (for) a solution of their own within the European currency system.feedback

The European Central Bank will have the tough task of getting out of the ultra-expansionary monetary policy. It would presumably be right if the ECB dared to exit this year. The problem is the weakness of the other countries, not Germany's strength.feedback

So it is even more important to use these circumstances to make provisions for the future. I will suggest to the lower house of parliament that this surplus of 6.2 billion euros is used to amortize debt.feedback

Italy has to continue in a consistent manner on the path that Prime Minister Renzi has taken economically and politically over the past three years. Those responsible in Italy know that.feedback

I think we should see the situation in Italy with a certain calmness. That is how democratic and constitutional processes work in the member states. The Italians have decided, that is to be respected. They will make the best of it. I think there is no need to talk about a euro crisis.feedback

I think we should take note of this with a degree of calm. The Italians have decided; we have to respect that. They will make the best of it.feedback

Athens must finally carry out the necessary reforms. If Greece wants to stay in the euro, there is no way past that – completely independently of the debt level.feedback

France is even more keen to defend this position since it considers it will have no particular consequence on its own situation. We must continue to cut our deficits.feedback

Realistic honesty is the best precondition to guard freedom, the rule of law and democracy... in the future.feedback

I will not get tired of saying that I would prefer it if we started as soon as possible. Exiting this unusual monetary policy should be done with immense caution.feedback

We are bound by European law and so is the Commission. The Stability Pact says that budgets are reviewed by the member states. The Commission has instead reviewed fiscal space for the euro zone and it has no mandate for that.feedback

But this makes it more difficult to impose (budget) compliance.feedback

Demagogic populism is not only a problem in America. Elsewhere in the West, too, the political debate is in an alarming state.feedback

In truth, we will have to work harder, slowly, carefully, to reduce the much-too-high public and private debt levels around the world. Only through such a reduction will we be able to improve the resilience of our economies against shocks and crises.feedback

You can buy time that way, but the long-term growth prospects don't get any better.feedback

We must tell Britain that they must choose, if they want to be a part of the (single) market then they must accept all the rules of the... market. If they do not want to accept them, then they cannot be members of the... market, I don't think we need to show too much flexibility.feedback

We must not fool ourselves, Europe is not in the best position as its people don't understand what Europe is to them.feedback

It is crucial that Europe come with concrete measures, to prove unity.feedback

Everybody pretends as if some kind of debt relief would make anything at all better in Greece. The only thing that would change is trampling even more all over any willingness to tackle a couple of reforms.feedback

The ESM would not judge budget plans in a political way but rather in strict accordance with the rules.feedback

The danger of a new crisis has not completely vanished.feedback

The experience and results of Brexit have shown that we have already made the globe more resilient. But that is not an occasion to slacken but to continue our efforts.feedback

More and more, people don't trust their elites. They don't trust their economic leaders, and they don't trust their political leaders.feedback

We'll only be able to leave this low-interest phase behind us if we have more sustainable growth in Europe. We won't achieve this if we continue to walk on old paths with new money, but only if we change course.feedback

We just looked at each other because we're used to respecting foreign ministers a lot. If we need to do more, we will gladly send her majesty's foreign minister a copy of the Lisbon Treaty. Then he can read that there is a certain link between the single market and the four core principles in Europe.feedback

I can also say it in English. So if clarification is necessary we can pay a visit and explain this to him in good English.feedback

We want to avoid specific disadvantages for European banks that may arise from Basel III.feedback

I'm still not creative enough to be able to explain to me the sense of zero or negative interest rates.feedback

The politics of reducing the excessive use of diverse tax regulations is a common policy, which we in Europe are pushing for with energy.feedback

It's not new that, with Greece, we see the implementation of the measures that have been agreed towards the final phase of the agreed time frame.feedback

Even before the European Central Bank decided its policies of unusual monetary policy, which also led to the euro exchange rate falling significantly, I said that we will increase German export surplus. If the surplus in the euro zone as a whole rises by a total of 3.6 percent , one should not be surprised that the German export surplus has also risen, if not by 3.6 percent but by 2 percent.feedback

We will talk of course … informally, but all the more intensively, about how to strengthen Europe after the British decision.feedback

We must let Her Majesty's new government have a bit of time to make the necessary decisions. It's also important to point out that the quicker we succeed in creating clarity, the better it is to limit possible risks.feedback

That two things together – the global overhang of indebtedness, private, public and company, together with an ultra-loose monetary policy – maybe is one of the risks we will have to tackle even since we have drawn all the lessons of the financial crisis 10 years ago.feedback

If the IMF itself is warning against the consequences of ultra-loose monetary policy, I think it's a sign of hope that we will take more seriously what the Bank for International Settlements is saying again, again and again.feedback

Now is the time for pragmatism. If all 27 don't pull together from the beginning, then a few can start.feedback

One thing is clear: belonging to the internal market of course means accepting the fundamental freedoms in Europe. Switzerland had to take note painfully of that after a referendum.feedback

We have no intention in Europe of starting a race to the bottom. We are not against tax competition, but we favor public budgets in all member countries being fairly and appropriately financed.feedback

We have to see this as a warning and a wake-up call not just to continue business as usual.feedback

We cannot simply push for more integration as an answer to a Brexit. That'd be clumsy, and many would correctly question whether we politicians still don't understand.feedback

How would the Netherlands react, for example, which is traditionally very strongly linked with Great Britain?feedback

It would be a miracle if a withdrawal of Britain would come without economic disadvantages. he and other EU officials are "preparing for all possible scenarios in order to minimize the danger.feedback

Please don't go! Why Germany needs the British.feedback

I believe it is clear that we will stick to our solid, reliable budget policy, and which contributed to the economic development in our country which is positive despite difficulties in our environment. We have an exceptionally good situation on the labour market with a high employment rate and low unemployment.feedback

We will meet at the EcoFin gathering next week and I hope we will then hear explanations. In Europe we don't intend to start a new race to the bottom, that makes no sense.feedback

The most important are structural reforms... there are more and more (in the G7) recognizing that structural reforms are crucial.feedback

You also know that I think the high level of debt and liquidity tends to foster volatility and so nervousness.feedback

We will all agree to hope that the British people make a decision that is in Britain's interests and live up to their responsibility.feedback

Debt relief in the outer years, beyond 2018, could depend on GDP growth, for example, but could not be conditioned on policy measures, since that implies another future program and that debt is not sustainable with just this program.feedback

Many people and entities are more willing to share information when they do not have to fear the effect of a public pillory.feedback

We are busy in Europe, the five biggest – Italy, France, Spain, Britain and us – now to agree. We are doing that first of all between us five.feedback

But I need the legal basis for an exchange of data, otherwise we can't do this. So I ask for this to be done quickly.feedback

Now it's increasing the pressure on those who aren't yet taking part to take part such as the USA.feedback

We will find a solution in the coming weeks but it will not have anything to do with debt relief but rather with Greece having to do more on the way to becoming a competitive economy.feedback

The tax estimates show that we are in a stronger position to deal with the current challenges without net new debts.feedback

It would not be reasonable to expect a crisis response in an environment that is not a crisis.feedback

Talking about further stimulus just distracts from the real tasks at hand.feedback

The volatility of the financial markets that we are witnessing reflects these economic uncertainties in terms of material risk, which I have already spoken about. And we believe that this volatility in Asian markets was propagated in Europe, in the eurozone and worldwide.feedback

You can trigger avalanches when a rather careless skier goes on to the slope … and moves a bit of snow.feedback

It would be irresponsible not to use the opportunity for a new start in Greece.feedback

I ask all of you today to approve the motion. I and the German government did not take the easy way out. We believe that there is a chance to bring the negotiations to a successful end.feedback

But this would perhaps be the better way for Greece.feedback

We will now see in the negotiations whether there is even a way to get to a new programme taking into account (Greece's) financing needs, which have risen incredibly.feedback

These days I offered my friend Jack Lew (US Treasury Secretary) that we could take Puerto Rico into the eurozone if the US were willing to take Greece into the dollar union.feedback

The world is looking for new forms of governance that complement the nation state and balance the shortcomings of the system. No nation state can solve the major problems and challenges in our globally inter-dependent world on its own.feedback

We must keep in mind that we have a huge responsibility to keep Europe stable.feedback

We will do our very best to fight for what is urgently needed. But the room for manoeuvre is limited and it's not only one member state, it's all together.feedback

I'm quite sceptical. The Greek government has not moved, apparently.feedback

We designed the programmes for Greece, the stabilisation programmes, in the best of faith and we went to the extreme limits of what was justifiable given the experiences of the institutions involved. These programmes were designed with a view to providing help so that Greece could help itself. Of course, we can help to find the necessary time but the problems themselves must be solved where they occurred and that is also the only place where it's possible to solve them.feedback

Italy has passed a remarkable reform to its labour market in its legislative assemblies, France has been taking additional measures all the time.We are all on the right track and in Germany we also have to make an effort.feedback

This is an important step for a greater cross-border cooperation between tax authorities. The implementation of the new standard and the start of the actual exchange of information in 2017 are a great success in the fight against international tax evasion.feedback

We have seen in the past that if the action proves successful, other states will follow. Therefore the automatic exchange of financial account information remains open for further countries and jurisdictions to join in.feedback

EU rules are there to be followed. That's what rules are all about. But I'm confident that a solution will be found in the case of France.feedback

In the G7 we agreed that we have to find a common solution. We must not make it too difficult for Russia … we have to find a way to solve this problem in partnership. But you cannot rule out an escalation.feedback

Of course there is space for compromise, but the basic agreement is not subject for negotiations.feedback

Previously we had to do something unique with regard to Greece: a debt reduction of more than 50 percent, 53 percent. But this is not a reason for a second (debt reduction). There will have to be another programme in Greece. That has been said a long time ago. This has always been told to the public and the Bundestag.feedback

Before deciding on a direct recapitalisation of banks within the ESM, the German parliament would have to change its laws!feedback

I find it hard to imagine that German courts would decide directly on the legality of the ECB's actions.feedback

If Cyprus were to go bankrupt, there would be a high risk of contagion for Greece, but also for other countries that are in bailout programmes, and those that the financial markets are nervous about.feedback

The aid for Cyprus secures the successes we've already achieved in the eurozone. We must prevent the problems in Cyprus from unleashing new problems in other eurozone countries.feedback

I deem that such statements are irresponsible. Instead of misleading the people in Greece it would be better to show them the road to reform.feedback

The issue was settled a long time ago. Paying reparations is out of the question.feedback

But we are in exceptional circumstances and because of these, we are helping Spain to combat the exaggerated nervousness of the markets and can also contribute to financial stability in the entire eurozone.feedback

Should we increase the firewalls even more? The response is a resounding no.feedback

This would not only not solve the problems of debt and competitiveness that brought the affected countries to their current state of affairs, it would also discourage their governments from carrying out consolidation and reform.feedback

All the measures that are envisaged between the Greek government and the troika are not meant to torment anyone. Their aim is just to help Greece reach a path towards a competitively growing economy.feedback

I don't expect a default in Greece. I am sure that if everybody is ready to deliver what has been agreed and all the partners of Greece are ready to do it, we will avoid, we can avoid and we will avoid a default of Greece but of course, the private sector has to take its responsibility.feedback

Washington cannot make bilateral loans available to the IMF without Congress approving it. There's no chance of that and the US government has always made that clear.feedback

The warning by Standard and Poor's is not based on real economic data in the AAA countries but on the insecurity in the financial markets about the euro zone as a whole. In this respect we take this assessment as further reassurance to do everything to achieve a good result on 9 December.feedback

The problem Italy is facing is a lack of credibility on the financial markets. This credibility needs to be improved. It's important that Italy not only announces measures, but also that it asks independent institutions – the EU Commission, but also the IMF – to check the situation and to report on it publicly.feedback

There are problems on both sides of the Atlantic and so both sides have to act to restore stability on the markets. Otherwise the risk is that the global economy will be fundamentally weakened.feedback

Last year, we were heavily criticised internationally because of our budget consolidation. But today, our success proves that we were right. We have shown it's possible to consolidate properly, not by undermining growth, but by stimulating it.feedback

The decision of our European partners to lend us at 3.5 percent, an interest rate just above the one at which Germany itself is borrowing, is in essence tantamount to introducing a European bond, regardless of the fact that this system has not been completed yet.feedback

Parliament decided [on the bailouts], and in my opinion the court will uphold that decision – that the laws that we put in place are in accordance with the constitution.feedback

If there are doubts about the ability of Greece to pay back its debt and we must win time with a new package, then the participation of the private sector in the solution is unavoidable.feedback

What we are discussing now is the need for a comprehensive package, which would take away the necessity of having to react anew every couple of months. What we want to do – and everybody agrees – is to put forward a whole package.feedback

We are on a path which can in a sustainable manner reduce the high deficits and which in an important way ensure that the economic development of our country will proceed in a sustainably positive manner.feedback

Perhaps the approach we are taking is the more important one, on a European and a national level, to better monitor the rating agencies. No market participant is prevented from not taking the agencies too seriously. The seriousness with which they are taken today is a little exaggerated.feedback

The conditions for long term help depend on how long it takes Greece to agree with us on a restructuring programme for the years to come, which might convince the financial markets.feedback

The new measures on financial market regulation that the government adopted today are embedded in a whole package of measures that we have agreed on the international, G-20, European, and national level.feedback

The law is made for everyone and everyone has to abide by the law. If we need to bring in additional institutional measures for companies to fight against non-compliance with the law better, then that's exactly what we will consider.feedback

People may rest assured that those responsible will do everything possible to ensure security. That is what we can do and it is what we are determined to do.feedback

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