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Germany sees no need for more expansive fiscal policy, official says

Published 2016-05-20, 07:41 a/m
© Reuters. Germany sees no need for more expansive fiscal policy, official says

BERLIN, May 20 (Reuters) - Germany see no need for a more
expansive fiscal policy, a senior government official said on
Friday, adding that Berlin was already making a contribution to
growth with investment.
"In the fiscal area, we in Germany have made a contribution.
We are making a lot of investments ... So, a concerted fiscal
action is not what we see as necessary," the official said,
briefing reporters ahead of a meeting of G7 leaders next week.
It is appropriate for the Group of Seven (G7) industrial
powers to each have their own economic policy mix, but their
governments must inform each other of these measures, the
official added.
The official noted that all G7 members had agreed that
competitive devaluations of foreign exchange rates should not be
used as a policy tool.
Asked whether a British exit from the European Union was on
the agenda for the summit of G7 leaders in Japan next week, the
official said that G7 finance ministers had already discussed
the issue.

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