Schaeuble urged lawmakers to grill ECB's Draghi: Bild newspaper
- Dollar lower, stocks flat as caution creeps in ahead of Trump inauguration
- General Electric (GE) Reports In-Line Q4 EPS
- Procter & Gamble (PG) Tops Q2 EPS by 2c
- IBM (IBM) Tops Q4 EPS by 13c, FY17 EPS Guidance Beats Consensus
- American Express (AXP) Misses Q4 EPS by 7c, FY17 EPS Guidance Tops Views at Mid-Poinit
German Finance Minister Wolfgang Schaeuble arrives for the weekly cabinet meeting at the chancellery in Berlin, Germany, August 17, 2016. REUTERS/Axel Schmidt
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
BERLIN (Reuters) - German Finance Minister Wolfgang Schaeuble ratcheted up his criticism of European Central Bank President Mario Draghi this week ahead of Draghi's visit to the German parliament next week, the Bild newspaper reported on Saturday.
Schaeuble, a fierce critic of Draghi, urged members of the German finance committee to ask tough questions about Draghi's monetary policy when he testifies before the committee on Wednesday, the newspaper said, citing meeting participants.
The ECB has been easing policy aggressively to boost growth and inflation in recent years with little to show for its efforts, fueling arguments that monetary policy was at its limits and governments needed to help out.
Schaeuble earlier this month rejected Draghi's criticism of Germany's export surplus, saying the ECB had not changed its monetary policy which has led to a weaker euro which in turn boosts German exports.
Munich-based Ifo economic institute has said Germany's current account surplus would probably hit a new record of 278 billion euros ($313.28 billion) this year, overtaking that of China again to become the world's largest.
Draghi is due to address the finance and budget committees of the German parliament on Wednesday.
Relations between Europe's largest economy and the ECB have been tense due to criticisms by German government officials, who argue that the ECB's ultra easy monetary policy is eroding the savings of thrifty Germans and profit margins for banks.
Schaeuble has also blamed the ECB's policies for the recent rise of a right-wing anti-immigration party, Alternative for Germany, which made huge gains in two regional elections.
Draghi last spoke in the German parliament in 2012.
(Reporting by Andrea Shalal; Editing by Cynthia Osterman)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Berlin: No reason to speculate about return to G8 format with Russia
- Six people found alive under avalanche that hit Italian hotel: rescuers
- Nigerian president urged to halt press harassment after journalists detained
Create E-mail Alert Related CategoriesReuters
Related EntitiesEuropean Central Bank
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!