Bundesbank chief hits back at Lagarde's criticism of German surpluses
Frankfurt
JENS Weidmann hit back at criticism of Germany's current-account and budget surpluses by International Monetary Fund managing director Christine Lagarde, saying that increasing public spending to tackle the issue would be the wrong way to go.
The Bundesbank president kicked off a joint conference by the two institutions by insisting that Europe's largest economy doesn't need more expenditure, though he agreed that it should be improved. Public outlays should shift away from consumption and toward targeted investment, he said.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
When US diplomats visit China, meal choices are about more than taste buds
China’s first-quarter industrial profits rise at slower pace
Laid-back vibe, stunning beaches, rich cuisine and low cost of living lure more expat retirees to Malaysia
Vietnam tycoon appeals against US$27 billion fraud death sentence
US announces new restrictions on firearm exports
Central banks will probably only cut half as much as they hiked