FRANKFURT (Reuters) - Germany should take advantage of the good times to develop its domestic markets because its economy is too reliant on external demand and its trade surplus is an anomaly, European Central Bank Executive Board Member Peter Praet told a French newspaper.
"The country's enormous current account surplus is an anomaly at almost 9 percent of GDP," Praet told L'Opinion in an interview. "Growth is too driven by external demand. Germany has the fiscal space to develop internal demand."
He said it was up to Germany to develop its internal market, possibly through higher wages, increasing investment or reducing taxes.
"The very good environment provides a unique opportunity that won't necessarily last, as Germany is facing substantial industrial challenges in the years to come, for example in the car industry," Praet said.