European leaders have shown they’re capable of taking the steps needed to stabilize the European single currency, allowing the euro-zone to turn the corner in the sovereign-debt crisis, the region’s most powerful finance ministers told the World Economic Forum’s annual meeting on Saturday.
Noting “indications in the market of confidence,” French Finance Minister Christine Lagarde said the “euro-zone has turned the corner.”
German Finance Minister Wolfgang Schaeuble said the euro would be “stable.”
Although the lack of a common budgetary policy had created turmoil, the euro zone is well on the way to creating the tools needed to ensure the stability of the euro after taking lessons from recent bouts of contagion and volatility, he said, in the same wide-ranging panel discussion on the economic outlook, which also included British Chancellor of the Exchequer George Osborne, World Bank President Robert Zoellick, Barclays PLC /quotes/comstock/23s!a:barc (UK:BARC 294.50, -3.70, -1.24%) Chief Executive Robert Diamond.
“We will deliver. You will see,” Schaeuble said.
European officials are debating a range of potential measures for a permanent rescue mechanism and increased coordination and monitoring of fiscal policy.
The remarks came in a week that saw French President Nicolas Sarkozy and German Chancellor Angela Merkel both use Davos to pledge a commitment to defending the euro. (more)
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