Gernot's Feed
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.

Jan 23, 2014

Merkel, SPD try to smooth over bumpy start to coalition government

MESEBERG, Germany (Reuters) – Conservative Chancellor Angela Merkel and her center-left partners tried to allay concerns about a rocky start to their month-old coalition on Thursday, saying they had a clear road map ahead after two days of talks north of Berlin.

Speaking at a news conference at the end of the two-day meeting, Merkel and Sigmar Gabriel, her vice chancellor from the Social Democrats (SPD), pledged to work closely together on contentious issues like energy policy and pension reforms.

Dec 10, 2013

EADS under fire over job cuts in defense shake-up

PARIS/BERLIN (Reuters) – Airbus parent EADS (EAD.PA: Quote, Profile, Research, Stock Buzz) came under fire on Tuesday from shareholders France and Germany over plans to cut 5,800 jobs, but its chief executive said that ignoring weak defense and space markets would have put even more jobs at risk.

EADS said a three-year reorganization of its defense and space activities would affect 4,500 jobs on its main payroll, of which 1,500 would be redeployed to commercial planemaker Airbus and helicopter unit Eurocopter. <ID:L6N0JO389>

Oct 31, 2013

Germany rejects U.S. criticism of export reliance

BERLIN (Reuters) – Angela Merkel’s conservatives on Thursday rejected U.S. criticism of Germany’s dependence on exports but her likely future coalition partner agreed Europe’s bulwark economy must do more to spur domestic demand.

The United States has long called for countries like China and Germany with trade surpluses to do more to spur imports but the Obama administration’s reprimand in a semi-annual report to Congress on Wednesday stood out for its stark language.