GYEONGJU, Korea (MNI) – German Economy Minister Rainer Bruederle
on Friday rebuffed U.S. proposals for trade targets, warning against
dirigistic measures to steer the economy.
A return to “planned economic thinking should not shape
developments ahead,” Bruederle told reporters on the sidelines of the
G20 summit of finance ministers and central bankers here.
Asked what he thought about proposals by U.S. Treasury Secretary
Timothy Geithner to establish trade targets limiting surpluses and
deficits in relation to a country’s GDP, Bruederle said the above
comment was a response.
One should rely on “a strengthening of the market economic
process and not planned economic considerations,” he argued.
Bruederle also said the G20 nations must work together to reduce
global imbalances and will continue to seek solutions.
–Frankfurt bureau tel.: +49-69-720142. Email: jtreeck@marketnews.com
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