Germany warns against planned economy thinking at G20

GYEONGJU, South Korea (BestGrowthStock) – German Economy Minister Rainer Bruederle warned of falling back into planned economy thinking on Friday in response to a call from the United States to tackle foreign exchange and trade imbalances.

Bruederle, who is attended a meeting of G20 finance ministers in South Korea in place of Germany’s hospitalized finance minister, said the Group of 20 leading economic powers must correct the errors that have led to imbalances.

U.S. Treasury Secretary Timothy Geithner, in a letter to finance leaders that was seen by Reuters, said “countries with persistent surpluses should undertake structural, fiscal and exchange rate policies to boost domestic sources of growth.”

(Reporting by Gernot Heller, writing by Paul Carrel)

Germany warns against planned economy thinking at G20