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The French finance minister does not believe in a new euro crisis

Bruno the Mayor

The French finance minister wants to allay fears of a new euro crisis.

(Photo: Reuters)

Brussels French finance minister Bruno Le Maire has countered fears of a new euro crisis. “I’m not worried,” he said in an interview with Handelsblatt and other European newspapers. “Europe is strong”.

Le Maire said he had “complete confidence” in ECB President Christine Lagarde and Italian Prime Minister Mario Draghi. They would make the right decisions to bring the rise in interest rates on Italian government bonds under control.

After the European Central Bank (ECB) announced the first interest rate hikes in more than a decade last week, risk premiums on government bonds from several southern European countries have risen sharply. The spread between the ten-year Bund and the Italian bond is now 250 basis points.

On Wednesday, the Governing Council of the ECB was forced to call a special meeting for the first time since the krona crisis began to calm the markets. The central bank said it was working on a new monetary policy “tool” to prevent the “fragmentation” of the monetary union.

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