Merkel Advises Continued Patience for Reforms

Contrary to some of the statements that have come out of the ECB. Merkel is not sure if the worst is over, advices caution.

She drew a line linking German prosperity to a prosperous European Union.

“For our prosperity and our solidarity we need to strike the right balance,” Merkel said. “The European sovereign debt crisis shows how important this balance is.

“The reforms that we’ve introduced are beginning to have an impact,” she said. “Nevertheless we need to have further continued patience. The crisis is far from over.”

Merkel indirectly contradicted Finance Minister Wolfgang Schaeuble with those comments. In an interview on Friday in Bild newspaper Schaeuble said the worst of the crisis was over.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza