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Merkel: US QE2 a short-sighted action

11-12-2010 13:37 BJT Special Report:5th G20 Summit in Seoul |

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The QE2 has became a target of public criticism. Speaking from the Seoul summit, German Chancellor Angela Merkel says that quantitative easing is a short-sighted action, and will eventually harm the interests of other countries.

U.S. Treasury Secretary Timothy Geithner suggested that the group members keep their current account balance at under 4 percent of their GDP. Merkel refuted this suggestion as unacceptable. She countered that each country's exchange rate should reflect its own economic strength. She said Germany will not accept limits on its currency.

Merkel says that the QE2 policy was self-serving in lowering the value of U.S. dollar. This enhances the competitiveness of the U.S. economy as the lowered dollar will spur U.S. exports.

Editor:Xiong Qu |Source: CNTV.CN

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