PARIS, March 13 German Finance Minister
Wolfgang Schaeuble and his French counterpart Francois Baroin
said on Tuesday that the worst of the euro zone crisis appeared
to be over, but there was no reason to ease back on reforms.
"We can say that the worst is behind us, but we cannot relax
our efforts," Schaeuble told a conference in Paris on the euro
zone crisis, adding that he was not concerned by the monetary
policy of the European Central Bank.
The ECB had demonstrated its independence and had a track
record of good decision making. Its decisions "do not entail an
inflationary risk," he said.
Baroin echoed his German colleague's comments, stressing the
need for euro zone countries to press ahead with economic and
fiscal reforms: "If the question is whether the worst of the
crisis is behind us, one can say yes ... If we do not deviate
from our path, the worst is behind us."
Schaeuble said it was too early to speculate whether a
further programme would be necessary for Greece, but he noted
that its debt sustainability target was for 2020 and the average
IMF programme only lasted for 3 or 4 years.
"2020 is more than 3 or 4 years from now," he said.