German Vice-Chancellor: It's wrong to Blame ECB for Root Cause of Eurozone Problems

German Vice-Chancellor: It's wrong to Blame ECB for Root Cause of Eurozone Problems

German vice-chancellor and economy minister Sigmar Gabriel was on the wires via Reuters, defending ECB Chief Draghi’s and team.

Key Quotes:

It’s wrong to blame ECB for root cause of Eurozone problems

Austerity is at root cause of economic woes

ECB is simply reacting to consequences of austerity
Draghi is not the problem

Only the ECB is responding to weak EZ growth

Outsourcing of political problem to ECB has reached a limit

Need increased investment across Europe to support growth

Printing money is not a sustainable economic policy

Not calling on the ECB to act, rather that govts must agree programme to promote growth

Low oil price proving positive for Germany, but a problem for some EMs

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