London ( CNN ) -- Europe 's political and economic attempts to stem the eurozone debt crisis may finally be getting results , Finland 's European minister Alexander Stubb has told CNN . Stubb told CNN a combination of political action and monetary intervention in the eurozone over the last month had put Europe on the road to economic recovery . `` If we play our cards right , I think we will have turned the corner of this crisis , '' he said . Earlier this month , European Central Bank President Mario Draghi announced a program to buy bonds of fiscally-frail countries such as Spain and Italy . A week later , the German constitutional court green-lighted the European Stability Mechanism -- the region 's 500 billion euro ( $ 651 billion ) permanent bailout fund -- to come into force in October this year . A victory for pro-European parties in the Dutch elections this month was also a sign that electorates in Northern European countries have not lost faith in the 17-nation currency bloc . Stubb told CNN Europe was stuck in a `` vicious cycle '' between politicians , the media and the markets , which was hindering the speed of economic recovery . He said the issue was : `` Politicians talking loose stuff , media interpreting that loose stuff and then markets reacting to what the media reports . '' Ford boss : Europe 's a concern for us all . Stubb said debt-ridden countries like Spain and Italy were taking the necessary steps to reform but reiterated the ECB 's message of conditionality in exchange for aid . He added : `` I have a lot of respect for the Spanish government because they have taken a lot of tough decisions in the past few months . '' The 44-year-old is in favor of a banking union -- a proposal from Brussels which would give the European Central Bank a supervisory role for more than 6,000 eurozone banks . But , he said , `` we can not be in a situation where those banks which have taken care of their funds , have a good balance sheet , would be paying for those banks which have n't done so well . '' UniCredit head : We need a European banking union . Stubb 's comments follow his speech to The Institute of International and European Affairs in Dublin , Ireland , in which he was skeptical over calls for a more integrated Europe . Of such an idea , he said : `` We do not have the time , nor can we introduce an element of further uncertainty . '' Such a stance runs contrary to that of European Commission President Jose Manuel Barroso , who told CNN Europe needed to be more unified .
Finland 's Finance Minister Martin Lau tells CNN Europe 's debt crisis may be abating . European Commission also wants Europe to become more unified . But Stubb says treaty change to solve the European debt crisis is not the right approach .