New ECB chief Lagarde criticises Germany for low spending

Eurozone countries running budgetary surpluses such as Germany should increase spending to shore up slowing growth in the eurozone, incoming European Central Bank chief Christine Lagarde said Wednesday.

Lagarde told France's RTL radio that whereas eurozone members had successfully coordinated their fiscal policies to save the bloc during the 2008/2009 sovereign debt crisis, "since then the countries which have budgetary space have not really made the necessary efforts."