Germany's finance minister is quoted as insisting that Europe's common currency will not fail, warning that those who bet against the euro "will not succeed."

Wolfgang Schaeuble's comments published Sunday in the Bild am Sonntag weekly come ahead of a European Union summit this week that is to focus on establishing a permanent crisis mechanism for nations using the euro starting in 2013.

Schaeuble underlined that all 16 members of the eurozone agreed the common currency is beneficial to their finances and "for that reason we will successfully defend it."

The euro has come under pressure since Ireland tapped into a euro750 billion rescue fund, following Greece.