ECB's Weber Urges Germany To Push Deficit Down To Target

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The German government should concentrate its efforts on bringing down its fiscal deficit in line with E.U. regulations by 2012, European Central Bank Governing Council member and Bundesbank President Axel Weber commented on Thursday.

In a speech delivered at a covered bond association conference, Weber reasoned that fiscal policy must start towards the consolidation path once the economic recovery is anchored, and urged the German govenment to meet the ECB's deficit criteria of 3% by 2012.

He also added that he foresees the ECB being pressurized by governments in the next few years owing to high debt levels, but affirmed that the ECB Council's primary goal of price stability will be "plausibly defended."

The German government should concentrate its efforts on bringing down its fiscal deficit in line with E.U. regulations by 2012, European Central Bank Governing Council member and Bundesbank President Axel Weber commented on Thursday. (Market News Provided by RTTNews)