Chancellor Angela Merkel said the government sees only “moderate” ramifications for Germany from the global financial-market turmoil and reaffirmed the goal of achieving a balanced budget within three years.

“We won’t make any new debt from 2011,” Merkel told lawmakers in the lower house of parliament, the Bundestag, in Berlin Wednesday.
The government is “closely” monitoring the market developments, she said. While the “dynamism” of the global economy is affected, the impact on Europe’s biggest economy is “moderate,” Merkel said.
(Source: Bloomberg)