German focus ‘will shift to domestic market’

Report of a speech by Axel Weber, Bundesbank President in Copenhagen, 22 March 2010. He said that Germany is unlikely to repeat its past export-led success and will have to focus more on the domestic market.

His comments followed criticism earlier in March 2010 by Christine Lagarde, France’s Finance Minister, that countries running large trade surpluses such as Germany were not doing enough to support growth across Europe.

Germany: Deutsche Bundesbank: Speech: Challenges and opportunities for the competitiveness of EMU member states The Euro in the financial crisis – the German experience, March 2010 http://www.bundesbank.de/download/presse/reden/2010/20100322.weber.en.php

ESO: Background information: Lagarde urges Germany to consider tax cuts http://www.europeansources.info/record/lagarde-urges-germany-to-consider-tax-cuts/

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