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German FinMin stresses need for continued stability policies in Germany

FXStreet (Łódź) - Speaking before the German Parliament today Finance Minister Wolfgang Schaeuble admitted that the economic situation in the country has "clouded over" recently and stressed the need for carrying on with stability policies, as they proved to be the best foundation for growth.

Schaeuble stressed however that Germany gained trust by sticking to its commitments and that it would fulfill its European Stability and Growth Pact obligations by coming up with a balanced budget by 2015.

"Everybody should adhere to European rules," he said.

Furthermore, the German Finance Minister told lawmakers that the Eurozone should intend to attract private capital, which stimulates growth more effectively than state spending programs.

The euro slid slightly following Schaeuble's remarks.

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