No new European-level fiscal buffers needed, Germany says

BERLIN (Reuters) – Germany’s acting finance minister, responding to European Commission proposals on the future of euro zone governance, said he was not convinced of the need to create new financial buffers on the European level.

“I don’t think it makes sense to prejudge anything, but the outgoing government was not convinced that new buffers at the European level are necessary,” said Peter Altmaier, a confidante of Chancellor Angela Merkel who took on the finance job after Wolfgang Schaeuble became president of Germany’s parliament.

The Commission earlier proposed creating cash incentives for countries that embark on structural reforms, including for non-euro countries, all of which – except Denmark – are obligated to adopt the single currency at some point.

He added that none of the proposals were likely to be decided upon this month.

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