Provisions of a deal agreed last week to ensure the survival of the euro need to be enacted quickly to win back investor confidence, German Finance Minister Wolfgang Schaeuble said Sunday, DPA reported.
In comments on two news shows on German national television channels, Schaeuble said fast action is the key to winning back confidence on a global level, and that quick action could have a direct impact on financial markets.
"We want to immediately start working so it goes fast," he told ARD. "That's why we can't relax. Instead, we've got to get the process started now."
Speaking to a ZDF news show, he said: "We can't go into the Christmas break now."
If elements of the deal were implemented quickly, there would be positive results. "It won't happen just overnight, but I hope financial markets and the world would quickly be convinced that they can invest in Europe again," Schaeuble said.
Eurozone countries agreed Friday on a plan to use legal mechanisms to force members to balance their budgets and face penalties if they failed to comply. At least nine of the 10 European Union members outside the eurozone have indicated possible interest in signing up to the plan as well.
Britain, the one country that has specifically refused to join up, could still do so if it desires, Schaeuble said.
"The door for Great Britain remains open," he said on ARD. "I hope the Britons will step through the open door."