“This is economic policy from the scary cabinet”

During a visit to Paris, Bundesbank President Joachim Nagel said positively about the large-scale debt plans of the emerging black and red coalition. “Exceptional” times required “extraordinary measures”, he said on Thursday at a panel discussion with the French central bank governor François Villeroy de Galhau.

At the beginning of the week, Nagel, who is a member of the SPD, was rather received in a fundamental speech with critical tones about the Berlin debt plans. You have to “see what was decided or announced on the other side of the Atlantic at night,” said Nagel, referring to the customs policy of America’s President Donald Trump. And I say it that way, in really all clarity: what is currently happening on the part of the US administration is economic policy from the creep cabinet, ”he added. It is therefore of the opinion that “that it requires the corresponding fiscal measures, so I can understand that in these exploratory talks between the CDU and the SPD we now have measures that are exceptional”. The Bundesbank President emphasized that “at some point” one must again “orientate” to the European debt rules. You shouldn’t give up the stability and growth pact. It is important for the trust of the capital markets. “But it is also important that we react more or more in such a situation and together in Europe again,” he clarified. Especially since the planned additional expenses for infrastructure and defense could have a positive effect on the economy, even if they had to first through the parliamentary process. “No hundred meter run, probably rather a medium -range run” “Of course, you shouldn’t hope for this,” said Nagel. In order to boost economic growth, the focus of the expenses really has to be on additional investments. That is “certainly not a hundred meter run, probably more of a medium -range run”. From an economic point of view, however, it is sometimes sufficient for a revival that “that the negative mood that is currently there is (turns) that you can see the light again at the end of the tunnel that you see the sun again,” said Nagel, the Bundesbank President nevertheless warned that it was not allowed to stop politicians again “. Among other things, the expansion of the fiber optic networks must be accelerated dramatically. You also have to organize immigration in such a way that they at least partially compensate for the departure of workers due to demographic change. As far as reforms are concerned at European level, there was largely unity between Nagel and his French central bank colleague. The old continent must progress in the light of the geopolitical challenges. Villeroy de Galhau recalled the recommendations from the Draghi report and appealed to finally tackle major projects such as the deepening of the European capital markets.

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