German Finance Minister Wolfgang Schaueble personally is prepared to pass national sovereignty to Brussels to secure the long-term stability of the eurozone but, the currency bloc is not ready for it yet, he told a newspaper.
"As a private person, Wolfgang Schaeuble would already be ready to (delegate sovereignty to Brussels). I have no problem with the idea of a European finance minister," Schaeuble told Welt am Sonntag newspaper published on Sunday.
"But as a finance minister I say: it is our task here and now to solve the problems as quickly as possible based on the existing contracts."
There have been calls for a eurozone finance minister and for the bloc to issue joint euro bonds to help solve the debt crisis and secure long-term financial stability but Germany and other countries have opposed this.
"Most member states are not yet completely ready to accept the necessary limitations of national sovereignty. But believe me the problem can be solved," Schaeuble was quoted as saying.
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