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Financial News: Bundesbank Chief Defends Germany's Large Surpluses

Bundesbank Chief Defends Germany's Large Surpluses

01/18/2018 - 07:28:00 (RTTNews)

(RTTNews) - Bundesbank President Jens Weidmann defended Germany's large budget and current account surpluses after the International Monetary Fund Managing Director Christine Lagarde said the government should make use of surpluses to promote growth.

Weidmann said raising public spending in order to reduce Germany's current account surplus would likely be a futile undertaking.

Action is warranted to counteract the demographic drag on growth - but action not with regard to the overall stance, but with regard to how the money is spent, he noted.

Weidmann said Germany's balanced budget, saving decisions or, more broadly, its current account surplus as a consequence, is largely driven by demographic considerations.

He said while raising growth potential in Germany and the other member states will do much to strengthen the euro area, it is not the end-all to making the monetary union more resilient.

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