Uncategorized Germany’s Gabriel says ECB policy expropriates ‘little people’

Germany’s Gabriel says ECB policy expropriates ‘little people’

German Economy Minister Sigmar Gabriel.
German Economy Minister Sigmar Gabriel.

The European Central Bank’s ultra-low interest rates are making “little people” like workers and pensioners poorer, German Economy Minister Sigmar Gabriel said on Friday, arguing that Europe needed a growth programme.

“What the European Central Bank is doing now is for many savers, for little people, for workers, for pensioners, an expropriation, but it is not the ECB’s fault,” Gabriel, who is also Germany’s vice chancellor, said on a visit to Vienna.

“The blame lies with Europe’s inability to put together a joint growth programme, always with the argument ‘we have no money’,” he added.