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Berlin - German Finance Minister Peer Steinbrueck on Wednesday rejected suggestions that he has warned the European Central Bank against any rate hike, saying he only wants the central bank to take into account the economic situation in its decision.
His comments came during a press conference on the government's 2009 budget draft.
"I have not warned, this is your language and also that I all of a sudden see myself on page one of a newspaper with Mr. Sarkozy questioning the independence of the ECB," Steinbrueck said in response to a reporter's questions. "I am sorry, these are misrepresentations and I would be very grateful if such misrepresentations don't take place."
Those who know him "know that I am one of the greatest defenders of the independence of the ECB and it's decisions," Steinbrueck said. "What I exactly said is: The ECB should consider, should consider. With this, in no way do I call into question the ECB's decision sovereignty, but I believe a German finance minister must be allowed to say at least you should consider this. No more, no less have I said."
A growing number of politicians and policy advisers have warned the ECB against a rate hike, which is expected on Thursday, saying such a move risks economic growth at a time when some euro-zone economies are flirting with recession.
Steinbrueck said in a recent interview "the ECB must bear in mind that an interest rate hike could send the wrong signal because it could have a pro-cycle effect on a slowdown of the economy."
- Dow Jones