World Economy

Macron Says German Surplus Hurting Europe

Macron Says German Surplus Hurting EuropeMacron Says German Surplus Hurting Europe

Centrist French presidential candidate Emmanuel Macron called for a “rebalancing” of Germany’s trade surplus in an interview with French and German media published Monday.

Even as he touted strong relationships with the German political leaders, Macron used the interview with Ouest-France newspaper and Germany’s Funke newspapers to call out German trade policy for hurting the continent’s economy, reported.

 “Germany benefits from the imbalances within the eurozone and achieves very high trade surpluses,” he said. “Those aren’t a good thing either for Germany or for the economy of the eurozone. There should be a rebalancing.”

Macron, an independent, is facing fresh pressure from anti-EU candidates in the final week before the presidential election’s first-round vote. He has been running neck-and-neck with nationalist Marine Le Pen, ahead of three other candidates. However, recent polls suggest a surge for Jean-Luc Mélenchon, who rails against Europe from the left.

Macron said his relationships with both German Chancellor Angela Merkel and her challenger in Germany’s own upcoming elections in the fall, Martin Schultz, are “quite sincere”.

Last week, the conservative German Finance Minister Wolfgang Schauble said he favored Macron, a former economic minister, in France’s race despite having more ideological affinity with Les Republicains candidate Francois Fillon. The Socialist candidate Benoit Hamon is also hoping for a last-minute comeback in Sunday’s first-round vote.

Germany’s growing export surplus has raised concerns for the global economy as well as the European Union after reaching a record in 2016. US President Donald Trump’s trade adviser accused the nation of exploiting a “grossly undervalued” euro. Critics say Germany’s dominance is undermining EU nations’ economies and urge its government to take steps to boost domestic demand and imports, Bloomberg reported.


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