December 1, 2018 / 10:57 PM / a year ago

German finance minister warns of continued debt risk

FILE PHOTO: German Finance Minister Olaf Scholz attends a press conference after the federal cabinet meeting in Potsdam, Germany November 15, 2018. REUTERS/Axel Schmidt

BUENOS AIRES (Reuters) - German Finance Minister Olaf Scholz on Saturday urged continued vigilance and increased transparency a decade after the global financial crisis, citing the risks posed by continued high government debt levels and steep unemployment in some countries.

Scholz, speaking to reporters at the summit of the Group of 20 industrialized countries in Buenos Aires, noted that global economic growth was not as dynamic as in the past.

“We have to know that some problems from the last crisis remain unchanged, including the massive public debt seen then in many countries, or the high unemployment rates in some countries,” he said.

He said Germany viewed it as important to continue to adjust the regulation of financial markets to increase transparency and reduce risks.

Scholz welcomed agreement among G20 nations about the continued importance of the International Monetary Fund to the global financial system.

He said it was important to continue to reduce public debt levels, improve transparency and continue to combat tax evasion.

“We plan to discuss fair taxation, with a focus on the ‘minimum taxation’ and how to deal with the digital economy,” he added.

Reporting by Reuters TV

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