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Germany's Schaeuble says confidence in the euro has returned

Reuters

FRANKFURT (Reuters) - Confidence in the euro has returned but the currency bloc must now strive to make economic growth sustainable and cannot rely on central bank support, German Finance Minister Wolfgang Schaeuble said on Friday.

Schaeuble said in a speech to a Bundesbank conference in Frankfurt that, under the euro zone's existing structure, common euro bonds would weaken the incentive for some countries to reform.

On Germany, he said: "Our economy is expected to do well in the next few years ... we need to ensure that our growth is sustainable."

"I am confident that our federal budget for next year will contain no new borrowing," Schaeuble added.

"Confidence in the euro has returned. Europe is no longer the world's greatest concern."

(Reporting by Sakari Suoninen and Eva Taylor; Writing by Paul Carrel; Editing by Catherine Evans)