Europe 'on the right track' to exit crisis: German minister

(ROME) - The European Union is "on the right track" to resolving its debt crisis, German Finance Minister Wolfgang Schaeuble said on Wednesday after talks with Italian Prime Minister Mario Monti.

"We are in a new phase.... Europe is on the right track after all the problems and difficulties," Schaeuble told reporters.

He also said that Rome and Berlin were "working together" and praised the reforms launched by Monti since coming to power in November.

"Today's meeting is very important to prepare future decisions" on a European level, the minister said, adding that Europe is putting in place "an architecture that no-one would have thought possible even two years ago."

Monti said: "Let us hope this is a phase of exit from the crisis linked to the case of Greece towards a season of greater growth in the European Union."

Monti said the two had discussed Europe's future emergency financing fund, the European Stability Mechanism, and had also spoken about "how the major European economies can find the path to growth again."

He also assured Schaeuble that a constitutional amendment to enforce balanced budgets would be approved "very soon" by Italy's parliament.