German FinMin Schaeuble urges G20 to tighten cooperation

November 30, 2016 11:45 AM EST

German Finance Minister Wolfgang Schaeuble attends the weekly cabinet meeting at the chancellery in Berlin, Germany, November 30, 2016. REUTERS/Hannibal Hanschke

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BERLIN (Reuters) - German Finance Minister Wolfgang Schaeuble called on the G20 leading economies on Wednesday to counter economic crises with closer cooperation.

Speaking at an event to mark the beginning of Germany's presidency of the G20, Schaeuble added that nationalism and protectionism were not the right response to globalization and stressed the importance of open markets and global trade.

"We cannot reverse globalization, nor do we want to do so," Schaeuble said.

"We have to expect that we will experience financial and economic crises in the future," he said, adding that an appropriately timed normalization of monetary policy should go hand in hand with structural reforms to support economic growth.

(Reporting by Gernot Heller; Writing by Paul Carrel; Editing by Michelle Martin)

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