Schaeuble Praises ‘Remarkable Progress’ in Italy Under Monti

German Finance Minister Wolfgang Schaeuble said Italy “has made remarkable progress in the last six months” under Prime Minister Mario Monti.

Italy will have the highest primary surplus in the euro region next year if budget policies are implemented, Schaeuble said in Berlin today. At the same time, there is scope for more growth-friendly measures, he said.

He called for “more Europe,” urged “large steps” to be taken now and noted that the euro region’s debt crisis can only be solved under current law, which includes the “no-bailout clause.” Euro bonds are only possible after deeper integration in the common currency area, he said.

To contact the reporter on this story: Rainer Buergin in Berlin at rbuergin1@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net