German Finance Minister Wolfgang Schauble expressed the estimation that a deal would be reached on the Greek matter at the next EuroGroup meeting scheduled for Thursday, June 15. Addressing a conference on the prospects of the G20 nations in Berlin, Mr. Schauble said “We will make it on Thursday. You will see.”. The German Finance Minister was critical of the lax monetary policy followed by the European Central bank (ECB), warning that low interest rates were causing problems in some regions of the world. “The relaxed monetary policy in many areas encouraged unjustified high risk taking, complacent policies, bad capital distribution”, said Mr. Schauble. He reminded the attendants that even the US Federal Reserve had started reversing their policy of quantitative easing. “We need to abandon the current monetary policy in time and return to a normal path”, he underlined. On the issue of Brexit he underscored the necessity for a the process to be as less costly as possible. Responding to a question by Bloomberg TV on the German US relations under Donald Trump, he said that Europe and the US needed as tight a cooperation as possible, adding however, that this required both sides to achieve.
German Finance Minister addressed G20 conference in Berlin