German Finance Minister Wolfgang Schaeuble said all of Europe will one day use the single currency, including the U.K., Deutsche Presse Agentur reported.
Although it will happen over a long period of time, the U.K. will eventually adopt the euro, Schaeuble told DPA in an interview. He said that while Germany “respects” Britain’s decision not to join the monetary union, a stabilized euro will convince others to adopt the single currency, DPA said.
“It will happen perhaps faster than some in the British Isles currently believe,” the minister said in the interview.
As Chancellor Angela Merkel meets today with U.K. Prime Minister David Cameron, Schaeuble renewed a call for a financial-transaction tax, which is opposed by the British government. The finance minister compared the levy to across-the-board taxes on goods and services, DPA said.
Only financial services are excluded from such taxes, “and I can’t see why that should be,” Schaeuble said.