BERLIN, Oct. 31 (UPI) -- German Finance Minister Wolfgang Schauble expressed confidence in the eurozone's recently announced rescue package, but said more work was needed.
Schauble answered "yes," when asked if Greece could get back on its feet economically if it reduces its debt to 120 percent of its gross domestic product.
"The troika [comprised of the European Central Bank, the European Commission and the International Monetary Fund] tells us that this will … be the case for Greece, when it has reached this level of debt and improved its competitiveness," he said.
In an interview, Schauble said Italy "has to do its home work" to get its spending back in balance, German magazine der Spiegel reported Monday.
Moreover, Schauble said, the European Commission needs to strengthen treaties to tighten its grip on fiscal compliance among eurozone members and perhaps create a cabinet-level post to oversea the fiscal situation in its member countries.
That minister, he said, should be allowed to assign sanctions without fear of having them changed by a majority vote by member countries.
"We are building a new institutional architecture for the euro zone, which will result in more Europe and more stability," Schauble added.
"We have had until now a common monetary policy in the euro zone, but no joint fiscal policy. That is the problem, and we have to gradually change that."
