You are here: Home » Reuters » News
Business Standard

Germany's Schaeuble urges G20 - work together to fix world's woes

Reuters  |  BERLIN 

(Reuters) - German Minister Wolfgang Schaeuble called on the leading economies on Wednesday to work more closely together, resisting a push towards protectionism by U.S. President-elect Donald Trump.

takes over the presidency of the on Thursday, a platform Chancellor Angela Merkel wants to use to safeguard multilateral cooperation that may be under threat following Trump's election victory.

Speaking at an event to open the German presidency, Schaeuble said nationalism and protectionism were not the right response to globalization and stressed the importance of open markets and global trade.

"We cannot reverse globalization, nor do we want to," Schaeuble said. "We will only master the problems of this world if we work more closely together."

Trump has said China - a member - is "killing" the United States on trade and that he would take steps to reduce the trade deficit with China, including labelling Beijing as a currency manipulator soon after he takes office on Jan. 20.

German officials acknowledge privately that they will not have an easy ride leading the G20, but say the motto for the presidency, "Shaping an Interconnected World", indicates they want to take globalization forward rather than unwind it.

Since the global financial crisis took hold in 2008, the has been the leading forum for world leaders to coordinate economic policy.

Schaeuble said: "We have to expect that we will experience financial and economic crises in the future."

faces a pressured timetable for its presidency, however, due to federal elections due next September after which coalition negotiations are likely. That means it must try to get most business done by summit on July 7-8.

"Good luck with that," said one official from another country.

On economic policy, Schaeuble called for the normalisation of monetary policy to go hand in hand with structural reforms to support economic growth.

"We need a timely appropriate normalization of monetary policy," he said.

(Reporting by Gernot Heller and Paul Carrel; Editing by Robin Pomeroy)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

RECOMMENDED FOR YOU

Germany's Schaeuble urges G20 - work together to fix world's woes

BERLIN (Reuters) - German Finance Minister Wolfgang Schaeuble called on the G20 leading economies on Wednesday to work more closely together, resisting a push towards protectionism by U.S. President-elect Donald Trump.

(Reuters) - German Minister Wolfgang Schaeuble called on the leading economies on Wednesday to work more closely together, resisting a push towards protectionism by U.S. President-elect Donald Trump.

takes over the presidency of the on Thursday, a platform Chancellor Angela Merkel wants to use to safeguard multilateral cooperation that may be under threat following Trump's election victory.

Speaking at an event to open the German presidency, Schaeuble said nationalism and protectionism were not the right response to globalization and stressed the importance of open markets and global trade.

"We cannot reverse globalization, nor do we want to," Schaeuble said. "We will only master the problems of this world if we work more closely together."

Trump has said China - a member - is "killing" the United States on trade and that he would take steps to reduce the trade deficit with China, including labelling Beijing as a currency manipulator soon after he takes office on Jan. 20.

German officials acknowledge privately that they will not have an easy ride leading the G20, but say the motto for the presidency, "Shaping an Interconnected World", indicates they want to take globalization forward rather than unwind it.

Since the global financial crisis took hold in 2008, the has been the leading forum for world leaders to coordinate economic policy.

Schaeuble said: "We have to expect that we will experience financial and economic crises in the future."

faces a pressured timetable for its presidency, however, due to federal elections due next September after which coalition negotiations are likely. That means it must try to get most business done by summit on July 7-8.

"Good luck with that," said one official from another country.

On economic policy, Schaeuble called for the normalisation of monetary policy to go hand in hand with structural reforms to support economic growth.

"We need a timely appropriate normalization of monetary policy," he said.

(Reporting by Gernot Heller and Paul Carrel; Editing by Robin Pomeroy)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Germany's Schaeuble urges G20 - work together to fix world's woes

(Reuters) - German Minister Wolfgang Schaeuble called on the leading economies on Wednesday to work more closely together, resisting a push towards protectionism by U.S. President-elect Donald Trump.

takes over the presidency of the on Thursday, a platform Chancellor Angela Merkel wants to use to safeguard multilateral cooperation that may be under threat following Trump's election victory.

Speaking at an event to open the German presidency, Schaeuble said nationalism and protectionism were not the right response to globalization and stressed the importance of open markets and global trade.

"We cannot reverse globalization, nor do we want to," Schaeuble said. "We will only master the problems of this world if we work more closely together."

Trump has said China - a member - is "killing" the United States on trade and that he would take steps to reduce the trade deficit with China, including labelling Beijing as a currency manipulator soon after he takes office on Jan. 20.

German officials acknowledge privately that they will not have an easy ride leading the G20, but say the motto for the presidency, "Shaping an Interconnected World", indicates they want to take globalization forward rather than unwind it.

Since the global financial crisis took hold in 2008, the has been the leading forum for world leaders to coordinate economic policy.

Schaeuble said: "We have to expect that we will experience financial and economic crises in the future."

faces a pressured timetable for its presidency, however, due to federal elections due next September after which coalition negotiations are likely. That means it must try to get most business done by summit on July 7-8.

"Good luck with that," said one official from another country.

On economic policy, Schaeuble called for the normalisation of monetary policy to go hand in hand with structural reforms to support economic growth.

"We need a timely appropriate normalization of monetary policy," he said.

(Reporting by Gernot Heller and Paul Carrel; Editing by Robin Pomeroy)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard