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EU Economics

EUROPE ON THE BRINK: Germany furiously hits back at criticism from EU leaders

THE European Union’s chief finance minister hit back against criticism of Germany’s powerhouse status within the bloc while other member states are struggling financially.

Outgoing Federal Minister of Finance Wolfgang Schäuble defended his financial policy against criticism from Brussels, insisting: “Europe would not be in a better position if Germany were worse off.”Despite many seeing an imbalance between the 27 EU member states, Mr Schäuble took a positive view of his eight-year term.

Mr Schäuble said the bloc had ruled “an extremely difficult situation” when he assumed the position of Finance Minister in the midst of the financial crisis.

Since then Germany has managed to achieve sustainable growth, said Mr Schäuble, and today “there is no youth unemployment in Germany, unemployment is at its lowest level”.

European UnionGETTY

EUROPE ON THE BRINK: Germany furiously hits back at criticism from EU leaders


SchäubleGETTY

Mr Schäuble defended his eight-year term


Europe would not be in a better position if Germany were worse off

Wolfgang Schäuble

But efforts to revive the Greek economy has so far remained incomplete as a debt relief plan has failed to be agreed among Eurozone ministers earlier this year.Speaking to a French radio broadcaster, Francer Inter, Mr Schäuble said: “Of course, other countries still have problems, but we have not achieved these successes at the expense of other countries.”

The Greek economy is on the road to recovery with growth of 1.8 per cent expected this year after seven years of recession that saw a 25 per cent decline in national output.

Mr Schäuble also welcomed plans to turn the EU into a more integrated bloc, with an EU army and a single tax system – and is warmed by the EU reform plans delivered by French President Emmanuel Macron.

It comes as Mr Macron restated his vision, and reiterated his support for the Greek government’s efforts to revive the economy.

Mr Macron wants to democratise institutions governing Europe’s single currency, outlining proposals to appoint a single eurozone finance minister to manage a common budget that would be accountable to a eurozone parliament

The Greek economy is on the road to recovery with growth of 1.8 per cent expected this year after seven years of recession that saw a 25 per cent decline in national output.

https://www.express.co.uk/news/world/863727/European-union-germany-Wolfgang-Schauble-finance-minister-greece-macron

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