Berlin (dpa) - German Finance Minister Wolfgang Schaeuble appealed to his counterparts to stick to the path already agreed to in order to ride out recent economic turbulences, speaking ahead of a summit of the Group of 20 leading world economies in Shanghai starting Friday."We have to stick to that which we‘ve agreed to - and finally implement it," Schaeuble told dpa, rejecting the notion that new debt-financed programmes or looser monetary policy by central banks should be used to kick-start global growth."Even if it‘s difficult and painful: the way of too-easy money leads to misfortune," he said.The comments come amid market instabilities resulting from fears that China‘s economy may be growing more slowly than forecast and a more-than 12-year low in oil prices. Business confidence in Germany, Europe‘s largest economy, slumped for the third month in a row in February.Despite the recent turbulences, Schaeuble doesn‘t see any signs that the global economy is heading for a new financial or economic crisis."The effects of weaker growth in China are being overestimated by financial markets," Schauble said."I am certainly rather optimistic about further development in China, which will support the world economy," the minister added.
