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Eurogroup nudges Germany on budget expansion: statement
December 5, 2016 / 1:42 PM / in a year

Eurogroup nudges Germany on budget expansion: statement

BRUSSELS (Reuters) - Euro zone finance ministers issued a joint statement on Monday that said Germany, the Netherlands and Luxembourg had fiscal scope to boost growth but acknowledged that it was a matter for national governments.

“Germany, Luxembourg and the Netherlands are over-achieving their MTO (Medium-Term Objective),” the Eurogroup ministers said after a meeting in Brussels on the zone’s budgets.

“The Eurogroup acknowledges that these member states could use their favorable budgetary situation to further strengthen their domestic demand and growth potential, depending on country specific circumstances, while respecting the medium-term objective, the national budgetary prerogatives and national requirements.”

Other euro zone countries are butting up against EU limits on their budget deficits. Germany has resisted calls from the European Commission to let its budget expand to boost growth across the bloc.

Reporting by Alastair Macdonald; Editing by Alissa de Carbonnel

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