Germany's Schaeuble Says Markets Out of Control

He admits that the greatest problem affecting the markets is one of trust in the ability of the EU, and especially the 16 members of the common currency area at its heart, to bring their debt and deficits under control as they have promised. “That is the task we must perform,” he tells the Financial Times aboard his Luftwaffe Challenger jet bound for Berlin. “But that doesn’t alter the fact that financial market regulation is also necessary.  “I’m convinced the markets are really out of control. That is why we need really effective regulation, in the sense of creating a properly functioning market mechanism.”