German Finance Minister Wolfgang Schaeuble issued a warning on Sunday to markets that it would be a mistake to bet against the euro.
Addressing speculation that debt crises in Europe could bring down the currency, Schaeuble said EU member states were committed to defending the currency.
"Whoever bets his money against the euro will not succeed," Schaeuble told the German Sunday newspaper Bild am Sonntag this weekend.
"The euro will not fail," said Schaeuble. "All those in charge in Europe are agreed, the euro brings us all advantages. Therefore we will successfully defend it." Schaeuble said Germany would not abandon the euro because of the benefits of the currency, which is shared by 16 European nations, to the country's export machine. "Without the euro we would experience an appreciation of our own currency with negative consequences for exports," said the minister.
Schaeuble also hinted that there might be a greater degree of political cohesion within the European Union in the future. "In ten years' time we will have a structure which corresponds far more to what one would call political union," Schaeuble told the paper.
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