Germany's financial markets can weather the market turbulence linked to the US subprime lending crisis, Finance Minister Peer Steinbrueck said today.
"The German financial market has sufficient reserves to weather the current tensions," Mr Steinbrueck said.
"As far as Germany's further economic development goes, I see - like the majority of economic research institutes - no signs of a serious clouding over. The German economic situation remains good," he added.
Germany has been hit harder than other European countries by the turmoil linked to loans made to people with poor credit in the United States, with two domestic banks requiring bailouts.
Mr Steinbrueck added that some financial institutions would learn from the financial turmoil not to get involved with products they did not fully understand.
Elsewhere, Bank of Japan said today that problems in the US subprime mortgage sector were unlikely to significantly affect the stability of Japan's financial system.
"Japan's financial system, on the whole, has remained stable" and has become increasingly resilient to various types of shocks, the central bank said in a report.