German Chancellor Angela Merkel says that the effects of the US financial crisis on Germany have been moderate so far.
Speaking in a Bundestag debate on the 2009 federal budget, Merkel said that credit to German business had been significantly expanded. The Chancellor also called for stricter control of financial markets and more transparency. She added that the government was closely watching the crisis and consulting German banking leaders and other governments. Merkel said the government had laid the groundwork for a balanced federal budget by 2011. The 2009 draft budget envisages spending 288,4 billion euros and 10.5 billion in new borrowing.
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