BRUSSELS: Finance Minister Wolfgang Schaeuble on Monday vowed to fight any forms of protectionism, saying that customs wars would fail in a globalized world.
Schaeuble also rejected criticism of Germany's wide trade and current account surpluses and reiterated his view that the euro exchange rate was a bit too low.
"In a globalised world, globalised economic protectionism is not successful," Schaeuble told members of the Belgium Business Federation in Brussels. "We will fight against any protectionism." He spoke in English.
The European Commission and the United States have urged Germany to lift domestic demand and imports to help reduce global economic imbalances and fuel global growth, including within the euro zone.
Turning his attention to Britain's vote to leave the European Union, Schaeuble said he has the feeling that some members of the British government are only starting realize how difficult the divorce talks are going to be.
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