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Mr. “Euro” Ollie Rehn oversees currency, German Minister Schaeuble says Italy is key now.

Mr. `Euro` Olli Rehn

Europe still has a long way to go to solve its crisis, German Finance Minister Wolfgang Schaeuble was cited as saying by a magazine, noting it was key Italy did its homework and implemented promised reforms.

Italy, the euro zone’s third largest economy, is again at the center of the debt crisis, as fears grow that its borrowing costs could hit levels that overwhelm the capacity of the bloc to provide support amid chronic political instability in Rome.

“Italy has declared its openness to reforms, now it must implement them,” Schaeuble said.

Schaeuble also he would prefer to see the European Economic and Monetary Affairs Commissioner’s role reinforced in order to ensure fiscal stability within the bloc, rather than create a new post for a European Finance Minister.

The European Central Bank wants the bloc to have a central body in charge of its finances, like a finance ministry, with the power to stop debts getting out of control.

But the European Commission on Thursday already promoted its top economic official Olli Rehn, giving him additional responsibilities that could lead to him becoming a “Mr Euro” ion charge of overseeing the single currency.