Gernot's Feed
Jul 12, 2013

Commission wants too much power with bank plans – German finmin

BERLIN, July 12 (Reuters) – The European Commission is
trying to pocket too much power with its proposals on how to
salvage or shut failing euro zone banks, German Finance Minister
Wolfgang Schaeuble said in a letter to the EU official in charge
of the plans presented this week.

Schaeuble wrote in his letter to Michel Barnier,
Commissioner for Internal Market and Services, that the proposal
for the Commission to make the final decision on whether to wind
down banks was out of step with European Union law.

Jul 12, 2013

Commission wants too much power with bank plans – German finmin

BERLIN, July 12 (Reuters) – The European Commission is
trying to pocket too much power with its proposals on how to
salvage or shut failing euro zone banks, German Finance Minister
Wolfgang Schaeuble said in a letter to the EU official in charge
of the plans presented this week.

Schaeuble wrote in his letter to Michel Barnier,
Commissioner for Internal Market and Services, that the proposal
for the Commission to make the final decision on whether to wind
down banks was out of step with European Union law.

Jul 5, 2013

Governments to target tech giants’ tax avoidance – draft

BERLIN/LONDON, July 5 (Reuters) – Western governments are
set to target a range of tax loopholes used by technology giants
including Apple, Amazon as part of an
international drive to tackle corporate tax avoidance, a draft
action plan seen by Reuters said.

The Organisation for Economic Co-operation and Development
(OECD), which advises its mainly rich nation members on economic
and tax policies, has been charged by the G20 group of countries
with formulating measures to stop big companies shifting profits
into tax havens.

Jul 4, 2013

Germany’s Merkel hopes for U.S. answers on spying

BERLIN/WASHINGTON (Reuters) – German Chancellor Angela Merkel said after a phone call with Barack Obama on Wednesday night that she believed the U.S. president took Germany’s concern over reported U.S. spying very seriously, and she hoped coming talks would bring answers.

Obama sought to allay the anger in Germany and other European allies in his call with Merkel, during which the chancellor said she made clear to him spying was not what she expected from countries considered friends.

Jun 16, 2013

Merkel’s challenger wells up after yet more strife

BERLIN (Reuters) – Peer Steinbrueck, the main opposition challenger to German Chancellor Angela Merkel, choked up during an interview on Sunday when he was asked about what motivated him to carry on despite all the pressure and criticism of his campaign.

In an extraordinary display of emotion from a man known for his abrasive style, Steinbrueck struggled to find words, and sighed heavily. As his eyes welled up, the audience at the event by his Social Democrat (SPD) party stood up and applauded.

May 11, 2013

G7 to press on with bank reforms, Japan escapes censure

AYLESBURY, England (Reuters) – Group of Seven finance officials agreed on Saturday to redouble efforts to deal with failing banks and gave a green light to Japan’s drive to galvanize its economy.

British finance minister George Osborne said the finance ministers and central bankers meeting 40 miles outside London focused on unfinished bank reforms, with signs that plans for a euro zone banking union are fraying.

Apr 19, 2013

G20 urges EU to complete banking union fast, Germany digs in heels

WASHINGTON (Reuters) – World financial leaders urged the European Union on Friday to quickly complete its banking union to help growth, but Germany stood firm that the next step toward such a union be through a lengthy and risky process – a change of EU law.

The banking union is one of the key projects to improve the economy of the 17 countries sharing the euro. It would help eliminate many of the problems that now hold back the flow of credit needed to finance a euro zone economic recovery.

Mar 13, 2013

Germany hails its finances as “envy of the world”

BERLIN (Reuters) – The German government trumpeted its finances on Wednesday as a model for Europe and a source of envy across the globe, as it presented a budget plan which foresees new borrowing shrinking next year to its lowest level in four decades.

The long-term plan approved by Chancellor Angela Merkel’s cabinet is a testament to Germany’s economic strength during the euro zone debt crisis but underscores the deep divide in Europe, where many countries are still struggling to bring down swollen debt and deficits.

Feb 16, 2013

G20 defuses talk of “currency war”, no accord on debt

MOSCOW (Reuters) – The Group of 20 nations declared on Saturday there would be no ‘currency war’ and deferred plans to set new debt-cutting targets in an indication of concern about the fragile state of the world economy.

Japan’s expansive policies, which have driven down the yen, escaped criticism in a statement agreed in Moscow by financial policymakers from the G20, which groups developed and emerging markets and accounts for 90 percent of the world economy.

Feb 15, 2013

Currency wars come to Moscow as G20 spars over yen

MOSCOW, Feb 15 (Reuters) – It may not be hand-to-hand
combat, but ‘currency wars’ came to Moscow on Friday as finance
officials from the Group of 20 nations sparred over Japan’s
expansive policies that have driven down the value of the yen.

The G20 forum, which put together a huge financial backstop
to halt a market meltdown in 2009, is back in the spotlight
after a week in which the Group of Seven rich nations tried, and
spectacularly failed, to speak on currencies with one voice.