German FinMin Schaeuble calls for stronger car industry regulation

German Finance Minister Wolfgang Schaeuble, a leading member of Chancellor Angela Merkel`s government, on Tuesday called for stronger regulation of the country`s auto industry, which is embroiled in a widening emissions scandal.

Schaeuble told an event hosted by the Handelsblatt newspaper that the industry had made serious mistakes and must accept the consequences.

The future of the auto sector, Germany`s biggest exporter and provider of some 800,000 jobs, has become a hot election issue as politicians blame executives and each other for the sector`s battered reputation after Volkswagen admitted to cheating U.S. emissions tests almost two years ago.

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