German vice-chancellor and economy minister out on Reuters
- austerity is at root cause of economic woes
- ECB decisions very problematic for Germany
- ECB is simply reacting to consequences of austerity
- Draghi is not the problem
- only the ECB is responding to weak EZ growth
- outsourcing of political problem to ECB has reached a limit
- need increased investment across Europe to support growth
- printing money is not a sustainable economic policy
- not calling on the ECB to act, rather that govts must agree programme to promote growth
- low oil price proving positive for Germany, but a problem for some EMs
Another German defending Draghi & Co but for political gain in essence. Interesting sub plots running here though with BUBA chief Weidmann also recently siding with the ECB
Meanwhile EURUSD higher at 1.1371 as EURJPY rallies further but tempered by EURGBP falling back to 0.7895 pushing cable up through 1.4400
Gabriel not blaming the ECB
