Brexit is no excuse to relax budget rules: Bundesbank chief

Britain’s vote to leave the European Union should be no excuse to loosen EU budget rules, the head of Germany’s central bank Jens Weidmann told a magazine, contradicting a proposals from his country’s economy minister.

“The Brexit vote is no reason to loosen budget rules,” Weidmann said in an interview with Focus Magazine published on Saturday.

German Economy Minister Sigmar Gabriel called for Europe’s Stability and Growth Pact to be made more growth-friendly, in a letter he sent to employees at his ministry that was seen by Reuters on Friday.

Source: Reuters