Germany denies negative impact from austerity

German Finance Minister Wolfgang Schaeuble lashed out at European Commission President Jose Manuel Barroso on Thursday, telling lawmakers the euro zone’s woes had nothing to do with strict budget rules and “somebody should tell Barroso that”.

Barroso said this week austerity had reached the natural limits of popular support, fanning a bitter debate over whether lawmakers should shift their focus from cost-cutting to stimulus which has pitted Germany against many euro zone peers.

Chancellor Angela Merkel said on Thursday Germany would continue to work towards balanced budgets and she rejected French Finance Minister Pierre Moscovici’s accusation that Germany was too heavily focused on saving.


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Mingze Wu

Mingze Wu

Currency Analyst at Market Pulse
Based in Singapore, Mingze Wu focuses on trading strategies and technical and fundamental analysis of major currency pairs. He has extensive trading experience across different asset classes and is well-versed in global market fundamentals. In addition to contributing articles to MarketPulseFX, Mingze centers on forex and macro-economic trends impacting the Asia Pacific region.
Mingze Wu