Schaueble speaking in Berlin, with French finance minister Bruno Le Maire

The two discussed strengthening of euro zone, Headlines via Reuters:

Schaeuble:

  • Says both convinced Germany and France have special leadership role in strengthening euro zone
  • Agreed with French fin min to set up working group on strengthening euro zone
  • Says working group to come up with ideas by July

Le Maire:

  • Says convinced will work well with Schaeuble to the benefit of France, Germany and Europe
  • Says decided with Schaeuble today to give new impulse to euro zone
  • Says working group will present concrete ideas on developing euro zone
  • Says we will look at fiscal convergence
  • We will look at coordinating economic policy
  • We will look at initiatives for investment
  • We are ready to accelerate European institutional integration
  • France will respect its deficit reduction commitments
  • It's good for France to have public finances in order
  • France wants Greece kept in Eurozone
  • Eurogroup will talk about technical solutions for Greek debt

More from Schaeuble:

  • Reforms agreed by Greece are "remarkable"
  • Goal is to get Greece competitive, it is not there yet
  • IMF is more reserved in its estimations on Greece than euro zone
  • Euro zone, IMF still at odds on debt sustainability of Greece
  • We will try to find a solution
  • Too early to talk about a new program for Greece

More:

  • Euro zone remains economically vulnerable because of macro-economic imbalances
  • Low core inflation and financial fragmentation also contribute to euro zone vulnerability

All throughout this EUR/USD is not doing much at all. Very small range circa 1.1165/75 or so.