German FinMin Schaeuble: EUR is too low for Germany

German Finance Minister Wolfgang Schaeuble said over the weekend, in a newspaper interview for Germany’s Tagesspiegel, that the EUR is too low for Germany.

Schaeuble said: “The euro exchange rate is, strictly speaking, too low for the German economy’s competitive position”, adding that “when ECB chief Mario Draghi embarked on the expansive monetary policy, I told him he would drive up Germany’s export surplus.”

“The ECB must make policy that works for Europe as a whole, it is too loose for Germany” Schaeuble affirmed. 

Lastly, Schaeuble noted that while he promised then that he will not publicly criticise the ECB policy, “I don’t want to be criticised for the consequences of this policy either” Schaeuble said.

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