German finmin says interest rates too low for medium term

BERLIN, March 12 Wed Mar 12, 2014 8:43am EDT

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BERLIN, March 12 (Reuters) - German Finance Minister Wolfgang Schaeuble said on Wednesday the level of interest rates was too low for the medium term and his financial plan assumed it would inch up progressively.

Speaking at a news conference after the cabinet met to agree his budget proposal for 2014 and his 2015-2018 financial plan, Schaeuble said he agreed with European Central Bank chief Mario Draghi that there was no sign of deflation in the euro zone.

The head of the German Bundesbank, Jens Weidmann, was also at the cabinet meeting. (Reporting by Matthias Sobolewski; Writing by Sarah Marsh and Annika Breidthardt; Editing by Stephen Brown)

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