During an interview with Financial Times Mr Wolfgang Schaeuble was opposed to any prospect of reform relief after the recent calls for more flexibility expressed by various European leaders.

“As I always say – we mustn’t talk about adjustments. We have to do what it states in the rules. We must do what is agreed. We have to implement. The problem in Europe is not the rules but the implementation.”

As for the recent states of Matteo Renzi and Sigmar Gabriel who ask for flexibility on austerity measures in order to promote growth, Mr Schäuble said “In Europe, I haven’t heard this demand either from the Italian prime minister or from anyone else . . .[In Germany] we have clear arrangements within the coalition. Besides, I am the finance minister in this federal government and we’re doing this on the basis of this collective arrangement. Mr Gabriel has explicitly stated that he does not demand any adjustment in the European excessive deficit procedure – quite the opposite.”

Regarding the conflict between Cameron and Juncker and the threats expressed by the British Prime Minister on Britain’s exit from the EU, Mr Schaeuble said that a “Great Britain is entirely indispensable for Europe,”.