BERLIN – Germany’s finance minister is insisting that Europe can’t spend its way out of its economic problems — digging in against mounting criticism of the continent’s austerity drive.
Germany strongly advocates making efforts to reduce budget deficits a top priority. His comments come just a few days after European Commission president Jose Manuel Barroso said the prescription of lower spending and higher taxes may have hit the limits of public acceptance.
Finance Minister Wolfgang Schaeuble told Deutschlandfunk radio Thursday that “no one is against growth” and that more needs to be done against youth unemployment.
However, Schaeuble said “the misery would only start over again” if countries started to run up more debt.