BRATISLAVA, Sept 9 Germany has no plans to
reduce its export surplus, Finance Minister Wolfgang Schaeuble
said on Friday, as the European Central Bank (ECB) has not
changed its monetary policy which has led to a weaker euro which
in turn boosts German exports.
Schaueble dismissed a suggestion this week by ECB head Mario
Draghi that Germany should use fiscal room for manoeuvre to
decrease its export surplus.
"Even before the European Central Bank decided its policies
of unusual monetary policy, which also led to the euro exchange
rate falling significantly, I said that we will increase German
export surplus," Schaueble told reporters.
"If the surplus in the euro zone as a whole rises by a total
of 3.6 percent , one should not be surprised that the German
export surplus has also risen, if not by 3.6 percent but by 2
percent," he said before meeting other European finance
When asked whether he had any plans to decrease Germany's
export surplus, Schaeuble said: "I haven't heard that the ECB is
changing its monetary policy."
Berlin expects domestic demand to be the sole driver of
economic growth this year, with an estimated expansion rate of
1.7 percent in 2016.
The Munich-based Ifo economic institute has said Germany's
current account surplus would probably hit a new record of 278
billion euros ($313.28 billion) this year, overtaking that of
China again to become the world's largest.
($1 = 0.8874 euros)
(Reporting By Shadia Nasralla)