GERMANY’S potential for economic growth is far too low and the country must invest more, the EU’s top economic official said Friday, joining a growing chorus of leaders who want Europe’s biggest economy to spend more to avoid eurozone stagnation.

    Germany is looking increasingly isolated on its prescription for an economic revival with its focus on balancing the books and avoiding new debt, while France, Italy, the United States and the IMF want to see Berlin agree to more public spending.

    “What we have heard from Germany is that their potential growth is currently 1.5 percent, or something like that. This is far too low. This is really an issue. We need investment, also in Germany,” said Jyrki Katainen, who will take over as the European Commission’s vice president for jobs, growth, investment and competitiveness Nov. 1.

    After the eurozone’s revival came to a halt in the second quarter, the currency area has sought to shift course away from the spending cuts that marked the bloc’s initial response to 2009-2012 crisis, but Germany says budget rigor must continue.

    (SD-Agencies)