U.K. Exit From EU Would Be Disaster, Schaeuble Tells Standard

German Finance Minister Wolfgang Schaeuble said a U.K. exit from the European Union would be disastrous, Der Standard reported, citing an interview.

Schaeuble suggested it would be hard to tell non-Europeans that the EU is a strong, dynamic bloc if a globally oriented country such as the U.K. left, the Vienna, Austria-based newspaper said. The damage to Europe’s image alone “would be a catastrophe,” Schaeuble was quoted as saying.

Even so, EU measures to cap bonuses for bankers, which the U.K. Prime Minister David Cameron’s government opposes, won’t be withdrawn or watered down, Schaeuble was quoted as saying.

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