JM News UK

German Finance Minister Wolfgang Schaeuble said on Thursday that high debt levels remain a source of concern for the global economy, noting that growth in China appeared to be "built on debt". In a speech at the Brookings Institution in Washington, Schaeuble said expansionary monetary policy and debt-financed fiscal policy had spawned the financial crises of the past decades and continued to weigh on global growth. "Debt levels in the global economy continue to give cause for concern," Schaeuble said, citing data showing global debt has risen by $57 trillion since 2007, with government debt making up nearly half of that amount.