Germany's Minister of Finance Wolfgang Schaeuble said on
Friday that the expansive fiscal and monetary policies implemented by
governments to spur growth might have laid the foundation of the next
economic crisis.
Those debt-financed fiscal policies and accommodative monetary policies had been only moderately successful in promoting growth, with public and private debt levels in the world now too high, Schaeuble said.
"Fiscal as well as monetary policies have reached their limits. If you want the real economy to grow there are no shortcuts which avoid reforms," Schaeuble said.
Those debt-financed fiscal policies and accommodative monetary policies had been only moderately successful in promoting growth, with public and private debt levels in the world now too high, Schaeuble said.
"Fiscal as well as monetary policies have reached their limits. If you want the real economy to grow there are no shortcuts which avoid reforms," Schaeuble said.
read more: German FinMin Schauble opposes G20 fiscal stimulus package
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