Wolfgang Schäuble is also recognized in Brussels as an influential politician. His name is closely linked to the euro crisis. Back in 2010, many EU countries were in danger of being crushed by their high debts. Including Greece.
For years, Wolfgang Schäuble fought a power struggle with the then Greek Finance Minister Yanis Varoufakis, with words, tweets, and on posters in Athens. The Greeks accused the German of destroying their country.
Schäuble insisted on austerity; for him, the future of Europe was at stake: “The situation in Greece is difficult, but we are ready to help. But first a decision has to be made in Greece, what do they want and then we have to find viable solutions, Otherwise we will destroy the credibility of the European project, that is at stake and that is why we are defending Europe.”
Schäuble made a promise to the Germans
In the end both won. Greece got some of its debt forgiven. Thanks in part to Schäuble’s austerity measures, the country is now experiencing greater growth than Germany.
The fact that a Swabian finance minister, of all people, insisted on austerity certainly fulfilled a cliché for some European politicians. But Schäuble had made a promise to the Germans: The euro would be just as stable as the D-Mark: “The only thing that matters is that the foundations of this community are stable and that they are stable in the long term.”
In order for him to keep this promise, all countries had to stick to the rules and that meant a little debt, yes, but within limits. When this framework threatened to break, Schäuble became the community’s crisis manager day and night. Rescue package, banking supervision, stability mechanism. Under his leadership, Europe endured its worst financial crisis.
Pragmatic, steadfast, dutiful
Johannes Hahn, the Austrian who is currently responsible for finances in the EU, today praised Schäuble as a politician of pragmatism and steadfastness who worked tirelessly for the further development of the EU.
And Günther Oettinger, also from Baden-Württemberg and responsible for the EU budget from 2017 to 2019, remembers Schäuble’s great sense of duty: “In my years in Brussels, he was the only minister who was always there, even though he was physically was restricted, no other minister was there when it was necessary,” said Oettinger ARD.
“He always thought big and far ahead”
Ursula von der Leyen, the powerful President of the EU Commission, also highlighted Schäuble’s discipline and respect for democratic discourse. “His death is a heavy loss for Germany and Europe; he always thought big and far ahead,” she wrote on X.
According to his companion Oettinger, he didn’t have to look very far ahead to be worried about Europe: “In view of the elections that lie ahead, he would be most concerned about the democratic ability to act.” How strong are the populists on the far right and left? Are there still stable governments? Europe now has to get by without him. “I will miss his wise advice,” writes von der Leyen.