BERLIN, March 6 (Reuters) - German Finance Minister Wolfgang Schaeuble said in a newspaper interview released on Saturday he plans to make proposals soon on a new European institution to help ensure the stability of the euro zone.
'We are not planning an institution in competition with the International Monetary Fund but for the internal structure of the euro zone we need an institution that commands the experience of the IMF and similar executive powers,' Schaeuble told Welt am Sonntag. 'I will make proposals on this soon.'
Schaeuble said he favoured stronger EU economic policy coordination and that he was working with EU and G20 partners to push for improved transparency of credit default swaps.
'We cannot allow our joint currency to become a ball for international speculators to play with,' he said.
Newspaper Sueddeutsche Zeitung reported that if needed Germany would be ready to instruct state bank KfW to buy Greek bonds on the condition that other EU states joined in the operation and that Athens implements its savings plans in full.
Responding to the Sueddeutsche story, a Finance Ministry spokesman said, 'The question of (providing aid) instruments does not arise. The Greek prime minister also did not request any help at his meeting here in Berlin yesterday.'
Reuters reported last month that the German coalition was considering using the KfW state development bank to buy Greek government bonds to ease Greece's financing problems.
(Editing by Louise Ireland) Keywords: EUROZONE GERMANY/SCHAEUBLE (paul.carrel@reuters.com; +49 30 2888 5214; Reuters Messaging: paul.carrel.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
'We are not planning an institution in competition with the International Monetary Fund but for the internal structure of the euro zone we need an institution that commands the experience of the IMF and similar executive powers,' Schaeuble told Welt am Sonntag. 'I will make proposals on this soon.'
Schaeuble said he favoured stronger EU economic policy coordination and that he was working with EU and G20 partners to push for improved transparency of credit default swaps.
'We cannot allow our joint currency to become a ball for international speculators to play with,' he said.
Newspaper Sueddeutsche Zeitung reported that if needed Germany would be ready to instruct state bank KfW to buy Greek bonds on the condition that other EU states joined in the operation and that Athens implements its savings plans in full.
Responding to the Sueddeutsche story, a Finance Ministry spokesman said, 'The question of (providing aid) instruments does not arise. The Greek prime minister also did not request any help at his meeting here in Berlin yesterday.'
Reuters reported last month that the German coalition was considering using the KfW state development bank to buy Greek government bonds to ease Greece's financing problems.
(Editing by Louise Ireland) Keywords: EUROZONE GERMANY/SCHAEUBLE (paul.carrel@reuters.com; +49 30 2888 5214; Reuters Messaging: paul.carrel.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.