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ECB's Villeroy urges Germany to use fiscal tools 'quickly' to spur growth

ECB's Villeroy urges Germany to use fiscal tools 'quickly' to spur growth
FILE PHOTO: Governor of the Bank of France Francois Villeroy de Galhau speaks during a news conference at the G7 finance ministers and central bank governors meeting in Chantilly, near Paris, France, July 18, 2019. REUTERS/Pascal Rossignol   -   Copyright  PASCAL ROSSIGNOL(Reuters)
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TOKYO (Reuters) – European countries with fiscal space, such as Germany, should use it quickly to help underpin growth in the region, French central bank Governor Francois Villeroy de Galhau said on Thursday.

Countries with high public debt should make their public finances more growth-friendly, Villeroy, who also sits on the European Central Bank’s rate-setting Governing Council, told a seminar in Tokyo.

“We are witnessing a significant slowdown in global trade due to the escalation in trade disputes,” he said. “The effects of the slowdown are very acute in the euro area’s biggest economy, Germany, which is very much exposed to global trade.”

(Reporting by Leika Kihara; Editing by Chris Gallagher)

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