German minister Schaeuble bows out, convictions intact

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BRUSSELS – Wolfgang Schaeuble, the long-time German finance minister, is attending his final meeting of his peers in the 19-country eurozone.

Over the past few years as the eurozone grappled with a debt crisis that threatened the existence of the euro currency itself, Schaeuble has been a vocal supporter of the austerity medicine prescribed for those countries with sky-high debt.

As such he have been vilified in Greece and other, mainly, southern European countries where the budget cuts are blamed for sharp falls in living standards and rising unemployment particularly among the young.

Ahead of Monday's eurogroup meeting, Schaeuble told the Financial Times that he had no regrets: "I would argue with anyone — even more strongly now after eight years — that this policy generates more sustainable growth than any other."

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