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Asia Today ISSN 1861-4604 Monday, October 23, 2017

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US warns German economic policies 'damaging to eurozone'

Warning its export-reliant growth model

Share on Facebook October 31, 2013, Reporter : Deutsche Welle, Reader : 449

German Automobile Mercedes Photo source: DW/AP news

A US Treasury report has offered a rare criticism of German economic policies, warning its export-reliant growth model was harmful to the eurozone. The report also reiterated concerns about the value of China's currency; reports the Deutsche Welle.

In the Treasury report, published Wednesday, the Obama administration criticized Germany for maintaining a large trade surplus throughout the eurozone. It also flagged up Germany's limited domestic demand-led growth as a risk not only to the eurozone but to global economic recovery.

 "Germany's anemic pace of domestic demand growth and dependence on exports have hampered rebalancing at a time when many other euro-area countries have been under severe pressure to curb demand and compress imports," the twice-a-year Treasury report to Congress said.

"The net result has been a deflationary bias for the euro area, as well as for the world economy."

It said Germany's surplus was larger than China's in 2012, urging Europe's largest economy to do more to rebalance growth on the continent. This would provide markets to boost the exports of other European nations. more...

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