Scholz in Germany: do not expect higher interest rates for years

BERLIN (Reuters) – German Finance Minister Olaf Scholz said on Saturday that he expected interest rates to remain very low for "the next few years", adding that Companies should seize the opportunity of virtually zero borrowing costs to stimulate private sector investment.

The European Central Bank has already announced even stronger monetary stimulus for the eurozone economy, in hopes of ending a downward spiral that could lead to an economic recession.

Asked by a member of the public at a government open house about his views on the outlook for interest rates, Scholz said, "I also think higher interest rates can happen from time to time, but that will not happen in the years to come. the next few years because of central bank policies. "

Scholz said central banks around the world are currently implementing a loose monetary policy, including the ECB.

"What I would like is for the private sector to invest more," said Scholz, noting that US companies and investors are increasingly willing to invest new funds in new projects or new ideas. d & # 39; company.

"My wish is that we also achieve such a cultural change here," said Scholz.

At a round table at the Ministry of Finance, at the request of a younger visitor, he had good advice on investment at zero rates, Scholz laughed and said stated that it was probably not even allowed by law to give such advice.

But he added, "Do not do it the way I want. I simply put it in my savings account. "