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German minister hopes EU wins market trust quickly

December 11, 2011
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BERLIN—Germany's finance minister says he hopes the European Union will be able to win back confidence of the markets "relatively quickly" after 26 nations agreed to tighten fiscal unity.

Wolfgang Schaeuble conceded in an interview Sunday on public broadcaster ZDF that restoring confidence in the EU's debt-ridden common currency, the euro, "would not happen overnight."

He said it was up to the EU member states to swiftly enact the points agreed to in Brussels on Friday to bring national budgets close to balance and submit them to the European Commission to ensure long-term stability.

European leaders are anxiously awaiting the start of trading Monday to see how the markets react to the treaty that Washington has charged does not do enough in the short-term.

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