Euro reform deals spurned

GERMAN finance minister Wolfgang Schaeuble and European Commission vice-president Siim Kallas poured cold water over the idea of relaxing deficit targets in exchange for structural reforms yesterday.

Schaeuble said that reforms could not be an “excuse or an alternative” to fiscal consolidation, and Kallas spoke against accumulating further debt. The comments clash with those of Italian Prime Minister Matteo Renzi and Schaeuble’s own colleague, German economy minister Sigmar Gabriel.