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Jan152015

Germany Boasts Balanced Budget, Resists Euro Zone Stimulus - Yahoo Finance











Some ECB sources expect the bank's Governing Council to approve a limited form of QE in which the ECB would buy some bonds centrally but national central banks would do most purchases of their own check it out countries' bonds at their own risk. LIMITED LEEWAY The European Commission set out detailed rules on Tuesday for a planned 315 billion euro investment programme over the next three years, involving no new public money in deference to German objections. Public investment and structural reforms could win limited leeway for countries breaking EU budget rules, it said. That reduces the likelihood of tough penalties on France or Italy, the euro zone's second and third largest economies, when their fiscal plans are reviewed again in March. Countries that put capital into a proposed European Fund for Strategic Investment would not be penalised if it tips them over the EU's deficit limit of 3 percent of gross domestic product. However, those that already have an deficit in excess of the ceiling would win no indulgence. The mood of self-congratulation in Berlin over the balanced see here budget made any easing of fiscal policy seem unlikely, even though the German economy is expected to slow this year. Far from using the leeway to invest more in creaking public infrastructure or cut taxes to stimulate weak domestic demand, politicians in Merkel's conservative CDU party said the government should now focus on paying down the country's debt.
More: http://finance.yahoo.com/news/germany-boasts-balanced-budget-resists-182850363.html




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