- Dec 26, 2009
- Reaction score
- Political Leaning
- Slightly Conservative
Europe to urge exit from stimulus schemes at G20: Merkel - Yahoo! NewsBERLIN (Reuters) – Europe will push for a swift exit from fiscal stimulus programs and a focus on budget consolidation at the G20 meeting next week, German Chancellor Angela Merkel said on Saturday.
"European participants are of the opinion that this is urgently necessary to prevent such crises from happening again in the future," Merkel said in her weekly podcast.
Leaders of the 20 biggest developed and developing economies meet on June 26-27 in Toronto, Canada.
Merkel's stance contrasted with that of U.S. President Barack Obama, who this week said public finance problems should be addressed "in the medium term" -- a warning that clamping down budgets should not be done at the expense of recovery.
Well, since we can safely say that the stimulus spending has worked about as well as a flying rock, anyone betting that Germany (and those who focus on reducing debt) will be in a better position to develop and grow in the future?