“There are fortunately also positive developments,” he told Hannover daily Neue Presse. “Gasoline prices are falling, the foreign exchange course is helping exporters. Inflation is shrinking. Real available incomes are rising.”
Steinbrück said Germany also didn't have to deal with the consequences of an overheated real estate market like in the United States or other countries.
“Germany has the power to overcome this crisis – even when it will be a lot of hard work for us all,” he said.
Steinbrück told another paper, the Passauer Neue Presse, that the government was not planning on announcing another raft of stimulus measures after the ruling coalition's planned meeting to monitor the impact of the economic crisis on January 5.
“It's being discussed how one could stimulate consumption. Aid for the automobile industry plays a role, as does overhauling car taxes,” he said.
But Steinbrück told the paper he remained opposed to broad tax cuts along the lines being demanded by the Christian Social Union – the regional Bavarian sister party of Chancellor Angela Merkel's Christian Democrats.