German FM signals for mutual co-operation within EU community post-Brexit

Germany’s Finance Minister Wolfgang Schaeuble, during media interviews signaled the need to maintain a sense of mutual co-operation between the EU members. The possibility of Brexit has triggered a lot of uncertainty over sustained co-operation within the currency bloc.

Schaeuble’s comments reiterate the response of German Chancellor Angela Merkel, whose government had lobbied for an "exit" of UK from the union. Further, it signals a looming clash with advocates of EU integration such as European Commission President Jean-Claude Juncker and those governments that view German-led budget rigor in the euro area as holding back growth and jobs, Bloomberg reported.

Moreover, the Finance Minister also said that defense co-operation, for a joint project fund, led by Germany and France and a European push to promote digital companies are ways the EU can mark its importance amid growing skepticism across the entire Europe.

Further, the EU’s main focus should rest on promoting economic growth, spreading competitiveness, fighting terrorism and securing the bloc’s integrity, in an attempt to rebound from the shocks of Brexit, Bloomberg reported, citing Merkel.

"Youth unemployment is too high, and that is closely linked to the issue of economic strength and competitiveness in the affected countries," she added in her comments.

Meanwhile, Schaueble expressed a great deal of frustration over the fact that the EU officials in Brussels took too long to act on the refugee crisis last year. The dissatisfaction of citizens within the EU arose since the rules were disrespected, including the European Commission in its response to the sovereign-debt crisis, he was quoted as saying.