Mittwoch, 19. März 2014

Weidmann-Rede

Jens Weidmann hat gestern am IfW eine Rede über die Ungleichgewichte im Euroraum gehalten.

Die Zusammenfassung und die ganze Rede gibt es auf der Bundesbankseite. Hier das Fazit:
"The crisis has shown that a monetary union is not a shield against balance of payments problems in the face of persistent imbalances.

Adjustment pressure in a currency area is cushioned by the single monetary policy, which avoids abrupt adjustment but also necessitates additional rules.

Regarding the euro-area imbalances, significant progress has been made. But further reforms are needed to facilitate the shift from the non-tradable to the tradable sector and, hence, to strengthen sustainable growth.

Stimulating German demand by means of an excessive wage increase or a credit-financed increase in public spending cannot be a substitute for that. And given its demographics and degree of economic development, Germany’s current account is likely to have a positive sign in the future as well.
But by removing rigidities in the services sector, Germany might not only strengthen its growth potential, but could do so in a way that is likely to have a moderating impact on the current account as well.

Reforms like these show that adjusting imbalances in the euro area does not need to be a zero-sum game. If done properly, it will serve the interests of everyone, and this is why, despite the struggle and setbacks, it is a path worth pursuing."
Insgesamt keine Neuigkeiten in Bezug auf die Position der Bundesbank.

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