World Bulletin / News Desk
Germany will no longer lecture other European countries over their economies, the next finance minister of the eurozone's richest nation said on Saturday.
"Mistakes have certainly been made in the past," Scholz told Der Speigel magazine, an apparent reference to the policy of his predecessor Wolfgang Schauble, who oversaw Germany's oft-criticised massive trade surplus.
Germany's trading partners and international institutions like the International Monetary Fund regularly urge Berlin to spend and invest more to push up demand and indirectly boost other economies.
German officials, however, say the trade surplus reflects the strength of the "made in Germany" brand and insist there is little they can do to influence the spending of companies and individuals.
Hardliner Schauble became known in many eurozone nations for his tough stance towards Greece as it struggled to stay in the euro, and he is unlikely to be missed by the many debt-mired countries of southern Europe.
The centre-left SDP clinched a coalition deal with Merkel's CDU/CSU that gave it six ministries as well as a string of policy concessions following a disappointing showing for both parties in elections last September.
The deal includes 46 billion euros ($56 billion) for economic and social development, and there is hope among some economists that Scholz could loosen the purse strings of Europe's economic giant.
"The Social democrats want solid finances," he said, adding that additional investment "would depend on additional growth and the taxes generated from that."
Euro area goods trade surplus reaches nearly $110B, EU28 deficit at $4B, say Eurostat figures
BIST 100 rises above 1,200 points, Turkish lira gains value against foreign currencies
Use of dollar as tool of pressure will result in its refusal as means in international payments, says top Duma deputy
Excluding interest payments, central government's budget balance saw surplus of nearly $1.95B last month
Regulation enters into force on Sept. 1, says Official Gazette
Foreigners buy over 2,800 houses, marking 65.6 percent rise year-on-year, according to TurkStat
BIST 100 rises above 1,600 points, Turkish lira gains value against foreign currencies
Amazon on course to join Apple as world’s only companies worth over $1 trillion
The "informed source" in Iran's oil ministry did not give details of the discount, but sought to downplay the move as common industry practice.
Finance Minister Siluanov terms US dollar a 'risky tool' for payments in international trade
3 banks' net profits stand at $1.95 billion in first 6 months of 2018
Two discuss 'issues on common agenda' of Turkey and Iran
BIST 100 index down 1.35 pct at open with 1,300-point drop from Wednesday's close
BIST 100 climbs 0.17 pct, while Turkish lira gains value against foreign currencies