Schaeuble: “EU should check countries’ budgets” Renzi: “EU should start by checking Germany first”

Premier Matteo Renzi responded to German Finance Minister Wolfgang Schaeuble‘s statement that the EU isn’t checking countries’ budgets by saying “the EU should start by checking the German budget because the German surplus is creating problems for the whole of Europe”. (ANSA, adnkronos)

The commission – the executive branch of the European Union – has called for Germany and other euro zone countries to loosen overall budgets to create more growth and jobs, a plea also aimed at addressing the rise of populist parties in Europe. Such a move would be a sharp reversal of EU policy, which has been focussed on budgetary discipline and austerity for most of the euro zone’s existence. (Reuters)