BERLIN (AFX) - Finance Minister Hans Eichel said the euro zone's budget stability criteria are to be maintained despite the slowdown in economic growth in the region.
Eichel was speaking on ZDF television at the start of an information campaign on the introduction of euro banknotes and coins. He also said that the euro will not be a softer currency than the mark, because the single currency has the full economic clout of the whole of Europe behind it, not just that of a single country.
That will also make it more difficult for speculators to put pressure on the euro.
In the long term, the euro will prove to be "the better currency," Eichel said.
Eichel rejected calls for public subsidies to fund the transportation of euro banknotes and coins when the single currency replaces national currencies next year. He said it is the state's duty to finance the production of the new coins and notes, and that "everything else should be borne by the market players".
He dismissed announcements by a number of banks that they would charge fees for swapping marks for euros as "small-minded".
Eichel acknowledged that the changeover will cost banks money, but said they will benefit financially from the new single currency in the long run.