Germany strongly supports euro zone, no Deutsche marks!

Germany has changed its tone towards countries that contribute to the overall European debt saying that it remains committed to saving the euro zone. Germany’s finance minister ruled out the possibility that any country would ever be ejected from the European monetary union, and said calls to restore the Deutsche mark were “unrealistic nostalgia.”

Wolfgang Schäuble, the German finance minister, made comments to a local media edition Bild, which show that Europe’s biggest economy is becoming more willing to finance measures ensuring that countries like Greece and Ireland do not default on their debt.

Earlier along with Chancellor Angela Merkel of Germany, Mr. Schäuble heavily criticized countries that have caused the crisis. In March, he told the Bild newspaper that it should be possible to eject members of the monetary union who were unable to get their budgets under control.

However, in recent time German leaders seem to be more loyal and lenient towards indebted nations as they are very interested in the euro. Guido Westerwelle, the foreign minister, said last week that Germany was determined to defend the euro and “anybody who wants to destroy the euro will realize that he cannot succeed.”

In an interview with Bild published on Sunday, Mr. Schäuble reversed his earlier position on countries that would drop the currency. “Even if only a small country were to leave, the consequences would be unforeseeable,” he said.

He said it angered him when “people who know better” called for a return to the Deutsche mark. “Anyone who looks at the development of the German economy knows that our international integration is greater than any other economy,” Mr. Schäuble said. “Without the euro our own currency would experience a rise in value with negative consequences for exports.”