A belief that more finance means more growth was simple, clear, "sexy"- and "an ugly sham", a member of the Deutsche Bundesbank's executive board told an audience in Frankfurt on June 1.

That approach would entail focusing on policy-makers' current priority of lifting growth rates, Dr Andreas Dombret said. But it would mean neglecting what he called the "fundamental goal of achieving a stable financial system that serves the real economy".

One particular hazard was excessive debt, Dombret said