If Europe fails to control its external borders, it will be destroyed, German Finance Minister Wolfgang Schäuble said stressing that safeguarding EU borders is necessary to safeguard the free movement of people within Schengen Agreement.

Speaking at a conference in Berlin, Mr. Schäuble referred extensively to the refugee issue stressing that Europe needs to regain control of its external borders.

“If Europe fails to solve the problem and gain control of its external borders, the Europe of free movement and open borders will be destroyed”, said German Finance Minister.

Moreover, Mr. Schäuble in an attempt to dispel the concerns on whether Germany can handle economically the about 1 million asylum seekers he said: “We can achieve a balanced budget without a new debt for 2016 based on current data.”

However, he admitted that the large number of asylum seekers arriving at Germany would be an economic challenge for the country, mainly in 2016.