Gernot's Feed
Jul 17, 2014

German trade bodies fear new EU sanctions will harm business with Russia

BERLIN, July 17 (Reuters) – German industry expressed
concern on Thursday that business with Russia will suffer
further after the European Union stepped up sanctions on Moscow
for not doing enough to ease the crisis in Ukraine.

Jens Nagel of Germany’s BGA trade association said Brussels
and Washington had no choice but to toughen sanctions on Russia
even though it would hurt firms, but added that he was worried
the process would keep “spiralling” upwards.

Jul 2, 2014

Germany will study security aspects of proposed defence merger

BERLIN, July 2 (Reuters) – A proposed Franco-German defence
merger to create Europe’s biggest maker of tanks and other
ground armaments would be scrutinised to see if it threatens
Germany’s security interests, the German economy ministry said.

The deal between France’s Nexter and Germany’s Krauss-Maffei
Wegmann (KMW), announced on Tuesday, was heralded as a means of
cutting costs among arms suppliers at a time when defence
spending is under pressure.

Jun 19, 2014

Schaeuble says low rates spawning ‘dangerous’ rise in property prices

BERLIN (Reuters) – German Finance Minister Wolfgang Schaeuble warned on Thursday in the clearest terms yet about the risks of loose monetary policy for Europe’s largest economy, saying low interest rates were already spawning “dangerous” rises in domestic property prices.

Schaeuble has long warned about the threat of speculative bubbles forming as a result of excess liquidity, but his comments at a news conference with visiting U.S. Treasury Secretary Jack Lew went beyond his usual line that low rates must correct higher over time.

Apr 11, 2014

G20 eyeing fallout from Ukraine; pushes U.S. on IMF reforms

WASHINGTON, April 11 (Reuters) – The world’s top economies
are monitoring the economic situation in Ukraine for any fallout
that may pose risks to economic and financial stability, the
Group of 20 finance ministers and central bankers said on Friday
in a final communique.

G20 officials also kept up the pressure on the United
States, which has held up IMF reforms agreed in 2010 that would
double the Fund’s resources and give more say to emerging
markets. The G20 said it was “deeply disappointed” in the delays
and will work with the IMF on options on how to advance the
reforms if the United States did not move forward by year-end.

Mar 12, 2014

Sanctions could destroy Russian economy, German exporters warn

BERLIN, March 12 (Reuters) – A trade conflict between Russia
and Europe over Ukraine would hurt German business but it would
be life-threatening for the Russian economy, Germany’s main
trade body said on Wednesday, making its forecasts conditional
on the crisis in Crimea.

“All in all, we are optimistic about foreign business with
large parts of the world. Unfortunately, that is not true for
business with Russia,” said Anton Boerner, president of the BGA
exporters’ lobby.

Mar 7, 2014

German public, industry wary of economic sanctions against Russia

BERLIN (Reuters) – A German business group says the imposition of economic sanctions on Russia should the Ukraine crisis worsen would have a huge effect on the global economy.

Eckhard Cordes, head of Germany’s Committee on Eastern European Economic Relations, told Reuters: “We feel a clear sense of unease and the fear that the crisis will worsen, bringing with it a spiral of sanctions which will have a massive impact on the economy.”

Feb 22, 2014

G20 support builds to adopt ambitious target for global growth

SYDNEY (Reuters) – The world’s top 20 economies may agree to set an ambitious target for faster global growth at a weekend meeting in Sydney, where major central banks are also being urged to coordinate policies to avoid “surprises” that could roil emerging markets.

Opening the two-day meeting of the Group of 20 finance ministers and central bankers on Saturday, Australian Treasurer Joe Hockey said support was building for setting a numerical goal for growth.

Feb 11, 2014

Schaeuble open to compromise on EU bank fund

BERLIN (Reuters) – German Finance Minister Wolfgang Schaeuble has signaled a readiness to compromise on the contours of a European fund to shut down troubled banks following sharp criticism from the European Parliament.

In an interview with Reuters, Schaeuble stuck to his long-standing position that changes to the EU treaty were necessary if the bloc was to move beyond the inter-governmental approach to “banking union” agreed by European finance ministers in December.

Feb 11, 2014

Germany’s Schaeuble sees no deflation threat in Europe

BERLIN (Reuters) – Recent turmoil in emerging markets will hit export-oriented European economies but there are no signs the bloc that shares the single currency is headed towards deflation, German Finance Minister Wolfgang Schaeuble said.

Speaking to Reuters as part of a series of interviews with top policymakers across the euro zone, Schaeuble signaled a readiness to help emerging market countries that have seen their currencies sink to multi-year lows in past weeks as part of a broad market sell-off.

Feb 6, 2014

Merkel backs Juncker to lead conservatives in EU elections

BERLIN (Reuters) – German Chancellor Angela Merkel threw her weight behind Luxembourg’s Jean-Claude Juncker on Thursday as the leading conservative candidate in May’s European Parliament elections, a potential springboard to head the European Commission.

It was her first public endorsement of the veteran former prime minister and ex-chairman of euro zone finance ministers and it appeared to dim the prospects of French European Commissioner Michel Barnier, the only other declared candidate.