German Finance Minister Wolfgang Schaeuble said finance chiefs from around the world meeting in Tokyo this week have acknowledged that Europe has made “significant progress” in overcoming the crisis of confidence in the euro.
“This time there is a much more positive underlying sentiment” compared with earlier meetings, Schaeuble said today at a briefing with Bundesbank President Jens Weidmann in Tokyo, which is hosting the annual International Monetary Fund and World Bank meetings. European participants at the gathering have agreed that “we explain very precisely and openly what we’re doing, what we’ve achieved and what progress we’ve made.”
European countries are standing by their commitments to reduce fiscal deficits, Schaeuble said, citing a 50 percent reduction in the euro region’s fiscal shortfall since 2009, to 3.2 percent of the area’s gross domestic product.
Europe is on a “much, more promising path,” U.S. Treasury Secretary Timothy F. Geithner said yesterday. Canadian Finance Minister Jim Flaherty described the mood toward the region as one of “cautious optimism because it’s in a better place now.”
Read more: Schaeuble Says Europe’s Partners See Crisis-Fight Progress - Bloomberg
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