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World Economy Facing ‘Lean’ 7 Years: German FinMin
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German Finance Minister Wolfgang Schaeuble said the global economy may see "seven lean years" as a result of needed fiscal consolidation programs, even as top U.S. economists questioned the effectiveness of austerity measures.
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Axel Schmidt | AFP | Getty Images German Finance Minister Wolfgang Schaeuble |
In a speech at a meeting of Nobel laureates at the University of St. Gallen in Switzerland, Schaeuble said it may take years for austerity measures to bear fruit.
"There might well be seven lean years ahead for the world economy," Schaeuble said, pointing to a "trade off between short term-pain and long-term gain".
The Finance Minister underlined the need for closer cooperation on economic policy in Europe to secure long-term growth.
"But for this to happen, immediate fiscal consolidation and structural reforms in Italy, Spain, Portugal and Greece are of the essence," he said.
Earlier in the week Schaeuble had met French counterpart Francois Baroin to discuss plans for a Europe-wide tax on financial transactions as part of a bilateral drive for closer economic coordination between euro [EUR=X
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