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German finance minister says central banks powerless in face of too much debt

German Finance Minister Wolfgang Schaeublegestures as he gives a speech for a budget debate at the German national parliament in Berlin, Germany September 8, 2015. REUTERS/Fabrizio Bensch

BERLIN (Reuters) - German Finance Minister Wolfgang Schaeuble said on Tuesday that central bank policy could do little to help the economy when people and states take on too much debt.

"Too much growth in credit does not solve any structural problems but leads to financial and debt crises. Central banks' monetary policy measures can do little to change this in the long run," Schaeuble told the German parliament.

(Reporting by Michelle Martin and Paul Carrel; Writing by Caroline Copley)