BERLIN (MNI) – German Finance Minister Wolfgang Schaeuble said
Monday that Germany’s export-dependent economy is “very vulnerable” to
global economic trends.
Pointing to this vulnerability, Schaeuble predicted that German
economic growth in 2012 “will not be as positive [as last year], which
we will see in the further course” of the year.
Given the export-dependency of the German economy, it is key for
the country to secure the future of the single currency, the minister
stressed. The Eurozone has afforded Germany a more competitive exchange
rate than it would have had on its own.
Schaeuble again vowed that the German government will stay on its
budget consolidation course. Sustainable growth cannot be achieved by
simply driving up government spending, he argued.
–Berlin bureau: +49-30-22 62 05 80; email: twidder@marketnews.com
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