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Berlin sticks to guns ahead of G20

The Local · 12 Jun 2012, 16:44

Published: 12 Jun 2012 16:44 GMT+02:00

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"We do not need growth bought on credit, and the Americans understand that," the senior official, speaking on condition of anonymity, said. "We will maintain that line."

The source acknowledged that risks to the global economy had grown significantly but dismissed the notion that the blame lay solely with the eurozone as it struggles to resolve a crippling debt crisis.

"Regarding the economic situation, there has been a significant increase in downward risks," the official said ahead of the June 18-19 summit.

The source said responsibility for the deterioration of the global economy "rests on several shoulders" and should not be "reduced to the eurozone's problems," noting the role of the United States, China and some G20 emerging economies.

Germany has come under intense pressure, notably from US President Barack Obama, to do more to put an end to the eurozone crisis as it is seen as a threat to the fragile US recovery and the global economy as a whole.

Story continues below…

However Berlin has resisted calls for new European stimulus programmes to promote economic growth, saying that fiscal discipline was the only way to restore market confidence in the eurozone.


The Local (news@thelocal.de)

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Your comments about this article

17:02 June 12, 2012 by IchBinKönig
'fiscal discipline was the only way to restore market confidence in the eurozone.'

I thought the problem was with the bankers? and Bild Magazine? what is this populist reactionary talk of 'fiscal discipline'? sounds like another Strawman @theloco.de.
17:09 June 20, 2012 by hanskarl
@IchBinKonig; They have to throw such terms in once every so often to keep the masses guessing...........and believing in them.................
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