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Germany finance minister urges "grown-up" decision on US debt ceiling

World

12-05-2023 | 06:39

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Germany finance minister urges "grown-up" decision on US debt ceiling

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German Finance Minister Christian Lindner on Friday said he hoped politicians in the United States would come to a "grown-up" decision on talks to raise the federal debt ceiling, warning there was a risk to the global economy if they did not.

Speaking on the sidelines of the G7 summit in Japan, Lindner said the global economic outlook was still "fragile" and hoped that parties would not be swayed by short-termism or partisanship.

Lindner's remarks underscore concerns as a meeting between the US President Joe Biden and lawmakers scheduled for Friday back in Washington was postponed. A deal is needed to raise the government's debt ceiling to avert a catastrophic default.

The German finance minister warned that politics was a risk to the global economy and financial market stabilization.

"That's why we're looking at the United States in particular these days and hoping that an adult decision will be made with regard to the development of American government finances and the associated effects on the global economy," he said.

Elaborating later on what "grown-up" meant, Lindner said it was reaching an acceptable decision that was not dictated by party political considerations or short-term motives.

Finance leaders of the Group of Seven (G7) advanced economies are meeting in Japan to discuss issues including how far they want to go in steps to counter China, as well as how to support Ukraine and enforce sanctions on Russia.

Speaking to reporters alongside Lindner, Bundesbank chief Joachim Nagel said the European Central Bank would continue to raise interest rates as inflation numbers remained high.

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