Debt too high, growth too slow – German FinMin Schaeuble

More comments coming in from the German Finance Minister Schaeuble from the G20 meeting.

Key Quotes:

Public and private debt levels in the world are too high, growth too slow

Current uncertainties might announce next crisis

Expansive, debt-financed fiscal policies and accommodative monetary policies in the past only moderately successful in promoting growth

Expansive fiscal and monetary policies may have laid foundation of next crisis

Present high level of debt and lack of structural reforms hinder sustainable growth

Most G20-countries need to prudently consolidate their fiscal positions

Sound finances reduce vulnerabilities to crisis
The debt financed growth model has reached its limits and causes new problems

Talks about further stimulus distract from the real tasks

Monetary policy is extremely accommodative and risks being counterproductive

Loose monetary policy has serious side effects for banking sector

Right combination of growth-friendly reforms, fiscal and monetary policies is the right way

Opposes any G20 fiscal stimulus package

Cheap oil already gives huge stimulus for demand