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IMF: Germany should have rainy day fund. Germany: No, we shouldn't

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Staff Writer | April 23, 2018
International Monetary Fund (IMF) head Christine Lagarde’s suggestion that euro zone leaders should set up a “rainy day fund”.
Jens Weidmann
Europe   Pressing issues
The fund should help cushion member states in economic downturns but it is not a good idea, two senior German officials said on Friday.

“I don’t think the proposal is convincing,” Bundesbank President Jens Weidmann said, adding that setting up such a fund would distract euro zone leaders from pressing issues.

German Finance Minister Olaf Scholz added: “I don’t think the proposal of the IMF chief is one that should be pursued.”