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German finance chief warns euro crisis not over

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November 8, 2012 08:51 AM EST | AP

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HAMBURG, Germany — Germany's finance minister warns the eurozone crisis is not over despite the improvement in borrowing rates for many financially struggling countries, such as Spain and Italy.

Wolfgang Schaeuble said Thursday that Europe's crisis response and the European Central Bank's pledge to do whatever it takes to defend the 17-nation currency has "won back some confidence, but that is fragile."

The minister insisted the bloc's governments must act now and not lose the momentum to create a stronger, more integrated currency zone.

Schaeuble reiterated that the euro is not the cause of the crisis, but the answer to challenges posed by a globalized world.

Speaking at a gathering of business leaders in the northern city of Hamburg, Schaeuble insisted: "Without the euro, we all would be much worse off."