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German Finance Minister Schaeuble urges G20 to tighten cooperation

Published 30/11/2016, 17:08
Updated 30/11/2016, 17:10
© Reuters. German Finance Minister Schaeuble and Chinese Finance Minister Lou attend annual meetings of the IMF and World Bank Group in Washington

BERLIN (Reuters) - German Finance Minister Wolfgang Schaeuble called on the G20 leading economies on Wednesday to counter economic crises with closer cooperation.

Speaking at an event to mark the beginning of Germany's presidency of the G20, Schaeuble added that nationalism and protectionism were not the right response to globalisation and stressed the importance of open markets and global trade.

"We cannot reverse globalisation, nor do we want to do so," Schaeuble said.

"We have to expect that we will experience financial and economic crises in the future," he said, adding that an appropriately timed normalisation of monetary policy should go hand in hand with structural reforms to support economic growth.

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