Germany's Schaeuble says monetary policy cannot replace reforms

FRANKFURT, June 10 Tue Jun 10, 2014 11:53am EDT

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FRANKFURT, June 10 (Reuters) - German Finance Minister Wolfgang Schaeuble said on Tuesday that monetary policy cannot replace structural reforms, echoing similar comments from European Central Bank President Mario Draghi.

Speaking at a banking conference in Frankfurt, Schaeuble said last week's decisions by the ECB to cut interest rates to new record lows and add further stimulus measures "are fine".

But he added: "If I say monetary policy may not replace structural reforms, I do it only in the way Mario Draghi is doing it. It is not an alternative."

"The ECB may not replace political decisions," he said. (Reporting by Eva Taylor and Paul Carrel)

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