{"id":21550,"date":"2016-09-10T09:59:29","date_gmt":"2016-09-10T14:59:29","guid":{"rendered":"http:\/\/olduvai.ca\/?p=21550"},"modified":"2016-09-10T09:59:29","modified_gmt":"2016-09-10T14:59:29","slug":"germanys-finance-minister-blames-ecb-for-german-trade-surplus-why-the-eurozone-will-destruct","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=21550","title":{"rendered":"Germany\u2019s Finance Minister Blames ECB For German Trade Surplus; Why the Eurozone Will Destruct"},"content":{"rendered":"<header class=\"post-title\">\n<h3><a href=\"https:\/\/mishtalk.com\/2016\/09\/09\/germanys-finance-minister-blames-ecb\/\">Germany\u2019s Finance Minister Blames ECB For German Trade Surplus; Why the Eurozone Will\u00a0Destruct<\/a><\/h3>\n<p class=\"post-date\">Fireworks are going off in Germany again in yet another battle between Wolfgang Schaeuble, Germany\u2019s finance minister,\u00a0and the ECB.<\/p>\n<\/header>\n<div class=\"post-content clear-fix\">\n<div class=\"post-entry\">\n<p>Schaueble dismissed a suggestion this week by ECB head Mario Draghi that Germany should use fiscal room for manoeuvre to decrease its export surplus.<\/p>\n<p><a href=\"https:\/\/mishgea.files.wordpress.com\/2016\/09\/schaueble.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-40647\" src=\"https:\/\/mishgea.files.wordpress.com\/2016\/09\/schaueble.png?w=529&amp;h=295\" alt=\"schaueble\" width=\"529\" height=\"295\" \/><\/a><\/p>\n<p>Reuters reports\u00a0<a href=\"http:\/\/www.reuters.com\/article\/germany-exports-idUSL8N1BL1GE\" target=\"_blank\">Germany\u2019s Schaeuble blames ECB for German Export Surplus<\/a>.<\/p>\n<blockquote><p>Germany has no plans to reduce its export surplus, Finance Minister Wolfgang Schaeuble said on Friday, as the European Central Bank (ECB) has not changed its monetary policy which has led to a weaker euro which in turn boosts German exports.<\/p>\n<p>\u201cEven before the European Central Bank decided its policies of unusual monetary policy, which also led to the euro exchange rate falling significantly, I said that we will increase German export surplus,\u201d Schaueble told reporters.<\/p>\n<p>\u201cIf the surplus in the euro zone as a whole rises by a total of 3.6 percent, one should not be surprised that the German export surplus has also risen, if not by 3.6 percent but by 2 percent,\u201d he said before meeting other European finance ministers.<\/p>\n<p>When asked whether he had any plans to decrease Germany\u2019s export surplus, Schaeuble said: \u201cI haven\u2019t heard that the ECB is changing its monetary policy.\u201d<\/p>\n<p>The Munich-based Ifo economic institute has said Germany\u2019s current account surplus would probably hit a new record of 278 billion euros ($313.28 billion) this year, overtaking that of China again to become the world\u2019s largest.<\/p><\/blockquote>\n<p><strong>Resounding No<\/strong><\/p>\n<p>I take that as a resounding \u201cno\u201d to Draghi\u2019s proposal that Germany should reduce its export surplus.<\/p>\n<p><strong>Target2<\/strong><\/p>\n<p>No discussion of eurozone problems would be complete without a discussion of Target2, an abomination created by the eurozone founders and one of the fundamental flaws of the euro.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Germany\u2019s Finance Minister Blames ECB For German Trade Surplus; Why the Eurozone Will\u00a0Destruct Fireworks are going off in Germany again in yet another battle between Wolfgang Schaeuble, Germany\u2019s finance minister,\u00a0and the ECB. Schaueble dismissed a suggestion this week by ECB head Mario Draghi that Germany should use fiscal room for manoeuvre to decrease its export [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[233,282,1784,359,1044,13381],"class_list":["post-21550","post","type-post","status-publish","format-standard","hentry","category-economics","tag-ecb","tag-european-central-bank","tag-exports","tag-germany","tag-mario-draghi","tag-wolfgang-schauble"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21550","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21550"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21550\/revisions"}],"predecessor-version":[{"id":21551,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21550\/revisions\/21551"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21550"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21550"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21550"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}