FRANKFURT (MNI) – German Economic Minister Philipp Roesler is
opposed to expanding the European rescue fund as protection against a
spread of the Eurozone debt crisis.
“The Italian government has presented an ambitious austerity
program,” Roesler told Germany daily Die Welt on Monday. “I am firmly
convinced that the Italian government will implement its consolidation
targets.”
“Therefore, new rescue mechanisms are not on the agenda,” he
asserted.
Earlier today, German Finance Minister Wolfgang Schaeuble also
rejected calls for doubling the European rescue fund to E1.5 trillion.
Die Welt reported Sunday that the ECB is calling for a larger
rescue fund to prevent the sovereign debt crisis from spreading to
bigger economies such as Italy,
In a separate interview with the German daily Handelsblatt, Roesler
said more competition among credit raters is needed to reduce the power
of large agencies. Market access for smaller agencies must therefore be
improved, he said. “In addition, market participants should show the
necessary sensitivity and not take external ratings on board without
questioning them.”
–Frankfurt newsroom, +49-69-720-142; jtreeck@marketnews.com
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