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MNI BRIEF: Germany Must Set Fiscal Example -Bundesbank's Nagel

EU rule reform should encourage strict adherence among member states, Bundesbank chief says.
BundesbankCentral Bank NewsPolicy NewsEuropean Central BankCEEMEAEurozoneGermanyBriefGlobalStoryRegion

MNI (LONDON) - Germany must be a role model among EU member states by sticking to ambitious debt and spending limits, Bundesbank chair Joachim Nagel said in a speech on Wednesday, but weaknesses in the bloc's new fiscal rules mean they may not prove a “sure-fire success.” (See MNI: Germany Looks At Gentler, Extended 7Y EU Debt Plan-Source)

“Country-specific limits are based on many assumptions, some of which extend far into the future. The spending limits are ultimately a matter for negotiation. And it will take a long time to react to undesirable developments during implementation,” Nagel said. “In my view, Germany should act as a role model. This means setting a good example and committing to a course in which the rules are stringently applied.”

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MNI (LONDON) - Germany must be a role model among EU member states by sticking to ambitious debt and spending limits, Bundesbank chair Joachim Nagel said in a speech on Wednesday, but weaknesses in the bloc's new fiscal rules mean they may not prove a “sure-fire success.” (See MNI: Germany Looks At Gentler, Extended 7Y EU Debt Plan-Source)

“Country-specific limits are based on many assumptions, some of which extend far into the future. The spending limits are ultimately a matter for negotiation. And it will take a long time to react to undesirable developments during implementation,” Nagel said. “In my view, Germany should act as a role model. This means setting a good example and committing to a course in which the rules are stringently applied.”

Keep reading...Show less