The United States's plans to pump more money into the economy will not solve the country's problems, Germany's Finance Minister Wolfgang Schaeuble said on Friday, adding that the world needed U.S. leadership.
"With all due respect, U.S. policy is clueless," Schaeuble said at a conference.
"(The problem) is not a shortage of liquidity. It's not that the the Americans haven't pumped enough liquidity into the market and now to say let's pump more into the market is not going to solve their problems."
In addition, the European Union is on track to develop a reasonable permanent crisis management mechanism, Schaeuble said, adding its introduction would likely not disturb financial markets.
"I believe we are on track to develop a reasonable mechanism in the EU," Schaeuble told a conference in Berlin. "Market participants have long anticipated and are expecting it."
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