German FinMin Warns EM To Fix Structural Issues Before Asking for Help

Emerging market economies should “do their own homework” on key structural reforms before they can ask for solidarity from other developed countries, Germany’s Finance Minister Wolfgang Schaeuble told CNBC.

Speaking ahead of the meeting of the G-20 finance ministers in Sydney, Australia, Schaeuble stressed that the developed world should assume responsibility for emerging countries but “everybody must understand that they must first of all do their own homework and then countries can demand solidarity from others.”

The group of 20 leading global economies is gathering amid market turmoil and uncertainty surrounding the central bank and economic policies of several emerging countries, including South Africa and Turkey.

The German finance minister, one of the strongest proponents of austerity to help countries to correct their economies, said he was speaking from experience following the euro zone debt crisis. But he warned that the emerging economies’ central banks should tread carefully.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza