German finmin says ECB's low interest rates 'harmful'

August 27, 2016 9:57 AM EDT

German Finance Minister Wolfgang Schaeuble addresses a news conference at the Finance Ministry in Berlin, Germany, July 14, 2016. REUTERS/Hannibal Hanschke


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BERLIN (Reuters) - German Finance Minister Wolfgang Schaeuble on Saturday renewed his criticism of the European Central Bank's low interest rates, saying they were particularly damaging for people saving up for their retirement.

"In the long run, the consequences of low interest rates or even negative interest rates are harmful, such as for retirement provisions," he told German newspaper Frankfurter Allgemeine Sonntagszeitung in comments due to be published on Sunday.

He said it was only possible to start putting an end to loose monetary policy by implementing structural reforms and more investment.

Schaeuble has repeatedly warned of the dangers of the bank's low-rate policy and said in June that the German government believes that low interest rates should only be around for a limited period.

(Reporting by Michelle Martin)



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