G20 Finance Leaders Don't Dwell on Germany's Trade Surpluses -- Update
22 April 2017 - 12:05AM
Dow Jones News
By Tom Fairless
WASHINGTON -- Group of 20 finance officials didn't dwell on
Germany's large current-account surpluses or the exchange rate of
the euro at their meeting in the U.S. capital Thursday, German
finance-minister Wolfgang Schäuble said Friday.
Germany's persistent trade surpluses have become a hot topic
ineconomic policy circles after a senior Trump administration
official accused Berlin of using an undervalued euro to exploit its
trading partners.
But Mr. Schaeuble said at a news conference that the topic
didn't come up at a gathering of G-20 finance officials, although
he said it was discussed in bilateral meetings.
Nor did exchange rates play a major role in the discussion, Mr.
Schäeuble said.
Jens Weidmann, president of Germany's Bundesbank, warned at the
same event against any policy steps that could endanger global
trade.
But the Bundesbank chief also offered an upbeat assessment of
the Eurozone's economic recovery, five days before the start of the
European Central Bank's next policy meeting.
While he acknowledged political risks facing the region,
including French presidential elections starting on Sunday, Mr.
Weidmann argued that those risks hadn't yet translated into
economic uncertainty.
Both Mr. Weidmann and Mr. Schäeuble have indicated they would
support a move by the ECB to start winding down its EUR2.3 trillion
bond-purchase program. Top ECB officials have suggested that such a
move is unlikely next week.
Write to Tom Fairless at tom.fairless@wsj.com
(END) Dow Jones Newswires
April 21, 2017 09:50 ET (13:50 GMT)
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