The euro's exchange rate is too low for Germany and the European Central Bank's expansive monetary policy has boosted the German economy's export surplus, Finance Minister Wolfgang Schäuble said in a newspaper interview.
Schäuble made the comments after Peter Navarro, President Donald Trump's top trade adviser, said last week that Germany was using a "grossly undervalued" euro to gain advantage over the US and its European partners.
"The ECB must make policy that works for Europe as a whole," Schäuble said in a pre-released interview for Sunday's edition of Germany's Tagesspiegel. "It is too loose for Germany."
"The euro exchange rate is, strictly speaking, too low for the German economy's competitive position," he said. "When ECB chief Mario Draghi embarked on the expansive monetary policy, I told him he would drive up Germany's export surplus."
"I promised then not to publicly criticise this (policy) course. But then I don't want to be criticised for the consequences of this policy," Schäuble said.
Reuters
