Schäuble says that Germany wants a treaty change as the EU needs fundamental reform

(Source: Reuters)

*Schäuble comments on ECB interest rates

German finance minister Wolfgang Schäuble has said that Germany wants a European Union treaty change, saying that the EU is too complicated and requires "fundamental reform".

The minister said that the Eurozone crisis is "still there" but some progress has been made, as Europe is now less vulnerable than in the past year and that the region has won back confidence. He added that a German withdrawal would be a "catastrophe".

Speaking on historically low European Central Bank rates, Schäuble said that while these are currently "justifiable", they musn't stay low for an extended period.