Economy

Germany Warns of Looming Financial Crisis

"Economists all over the world are concerned about the increased risks arising from the accumulation of more and more liquidity and the growth of public and private debt", Schäuble said.

In an interview with the Financial Times he said the risks across the Eurozone are still "too high" and need to be reduced. The German, who has agreed to become the chairman of the German Bundestag, has also warned of the bubbles created in the new economies, thanks to the pouring of money from the central banks.

Wolfgang Schaeuble, Germany's departing finance minister, has warned of "bubbles" in the economy.

The politician has been strongly advocating fiscal rectitude, being a key influence to the continent's policy response to the euro zone debt crisis.

Schaeuble positively assessed the "vigorous initiatives" of French President Emmanuel Macron on reforming the European Union economy and advocated a policy of austerity.

The outgoing finance minister is expected to assure his European counterparts on Monday that the rise of the Alternative for Germany (AfD), which won 12.6 percent of votes for the German parliament last month, will not affect Germany's commitment to a liberal democracy.



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