Schaeuble bowing out of Eurogroup

Brussels – German Finance Minister Wolfgang Schaeuble, the warhorse of the debt crisis, attends his final meeting of eurozone ministers today as variously the most loathed or loved figure in EU politics.

Schaeuble, 75, is the acerbic architect of eurozone austerity, who over eight years of financial turmoil in Europe imposed his tough-love vision of how to run an economy with hard-up and often desperate partners such as Ireland, Portugal and most dramati- cally, Greece.

One of Germany’s most popular politicians, Schaeuble steps down after eight years in office to become speaker of the new parliament following elections that saw inroads by far right nationalists.

An object of hatred at protests across Europe, Schaeuble bows out of the Eurogroup, the monthly meeting of eurozone finance ministers, immensely respected by his minister partners and already a political icon who has left an unquestioned mark on Europe.

“Schaeuble in a way personifies German brutality and seriousness, but he is also a delectable character,” said former French finance minister Michel Sapin, who expressed admiration for the man’s wit and love of Europe.

“And he is the only one in the room who could say: ‘I know the Greek debt crisis since day one’,” added Sapin.

“His departure is an earthquake for the Eurogroup,” said Pierre Moscovici, the EU’s Economic Affairs Commissioner. –