Mobile Version
Free Internet Press
  Uncensored News For Real People


FIP Year In Review

FIP Month in Review

FIP Archive Search




2012-05-16
G8 Summit: President Obama To Press Chancellor Merkel On Euro-Zone Growth Package

Water Policy Needs 'Radical' Change To Protect People And Environment

U.S. Nuclear Weapons Upgrades - Experts Report Massive Costs Increase

Discussion: Greek Politicians Debate Election Disaster - 'If We Leave The Euro, Everything Will Be Worse'

Practiced Civility - Politesse Trumps Policy As Hollande Meets Merkel

Aftermath Of An Election Debacle - Merkel Fires Environment Minister Rottgen

In U.S.: Georgia Police Escort School Buses After Rifle Threat

Disses And Death Threats - Rapper In Germany Fears For Life After Fatwa

Ratko Mladic Goes On Trial For Bosnia War Crimes

2012-05-15
U.S. Justice Dept. Opens Investigation Into JP Morgan's $2 Billion Trading Losses

Conflict With Far-Right Party - Young German Muslims Defend Right To Protest

Rebekah Brooks Defiant Over Charges Relating To Phone-Hacking 'Cover-Up'

Delayed Indefinitely - Unraveling Berlin's New Airport Debacle

New Elections In June - Markets Fall As Greek Talks Collapse

News Analysis: Standing Firm - Germany's Merkel Won't Budge On Austerity Despite Setback

Better Than Expected - German GDP Surges As Euro-Zone Split Widens

Former Mexican Official Pleads Guilty To Aiding Cartel

Panel Calls For Steep Cuts In U.S. Nuclear Weapons

Checking The Vaults - Germans Fret About Their Foreign Gold Reserves

French President Inaugurated - Hollande Under Pressure To Score Quick Victories

Report: Resources Being Stripped Faster Than Planet Can Renew Them

2012-05-14
North Dakota Oil Boom: Thousands Pin Their Dreams On Striking It Rich

Time To Admit Defeat - Greece Can No Longer Delay Euro Zone Exit

E.U.: Israel Putting Any Two-State Peace Deal At Risk

JP Morgan Investment Boss Ina Drew Quits Over Bank's $2 Billion Investment Losses

Commentary: 'It's Going To Get Harder For Merkel'

Couples Therapy - Germany's Merkel And France's Hollande Are Damned To Get Along

Gulf Unity On Hold Amid Iranian Warning

News Analysis: Merkel's Defeat - Germany's Social Democrats Return To Relevancy

Champagne Before Crash - Pilot Bravado May Be To Blame For Russian Superjet Disaster


German Central Bank Official: 'Britain Must Be Aware Of Importance In The E.U.'
2012-01-03 20:03:53 (19 weeks ago)
Posted By: Intellpuke

The world continues to demand that Europe find a solution for its ongoing debt crisis. But in an interview with SPIEGEL, senior Bundesbank official Andreas Dombret says that American investors are being too impatient. He also demands that the U.K. do its part and reiterates his bank's position that the ECB should not become a lender of last resort.

SPIEGEL: Mr. Dombret, you were born in the U.S. Do you understand why the Americans no longer appear to believe in Europe?

Dombret: American investors often have a very short-term approach. It's against this background that I understand the American impatience with Europe. But make no mistake: The U.S. definitely believes in us. During the financial crisis of 2007-2008, the Americans sought a great deal of European understanding -- and they received it. By the same token, since the epicenter of the current crisis lies in a number of European countries, we now expect understanding from the U.S.

SPIEGEL: Following the collapse of the Lehman Brothers bank, the major economic blocs worked together to combat the crisis. But doesn't it seem today that the US and Europe are engaged in a kind of economic war?

Dombret: One cannot speak of an economic war. Without a doubt the euro zone bears the primary responsibility for resolving the sovereign debt crisis. But all countries now have to pull together to avoid contagion. And if we fail, for instance, to regulate the banks according to uniform international standards, financial institutions will exploit the differences.

SPIEGEL: Is that an appeal? The U.S. currently seems to be moving away from standardized regulations.

Dombret: I can't corroborate that. In all international bodies and institutions like the G-20 and the International Monetary Fund (IMF), in which the sovereign debt crisis is discussed, all countries are pulling together. No one is seeking to back out of the crisis management -- and the U.S. is no exception here.

SPIEGEL: The U.S. doesn't want to take part in increasing IMF resources to more effectively aid crisis-ridden European countries.

Dombret: So far, the IMF has made no request to increase resources.

SPIEGEL: But the Bundesbank is not likely to receive either the desired approval of the German parliament for its planned contribution of up to €45 billion ($58 billion), nor will there be broad participation of countries outside the euro zone. The U.S. is not the only country that appears to reject increasing the IMF's funds. Will you approve the line of credit under these circumstances?

(story continues below)




This Story Has Been Archived.
To read the full story in the archives,
please make a donation.
Log In Now
Email To A Friend
Email this story to a friend:
Your Name:
Their Email:
 
Readers Comments
Add your own comment.
(Anonymous commenting now enabled.)

Creative Commons License
Free Internet Press is licensed under a Creative Commons Attribution 3.0 United States License. You may reuse or distribute original works on this site, with attribution per the above license.

Any mirrored or quoted materials may be copyright their respective authors, publications, or outlets, as shown on their publication, indicated by the link in the news story. Such works are used under the fair use doctrine of United States copyright law. Should any materials be found overused or objectionable to the copyright holder, notification should be sent to editor@freeinternetpress.com, and the work will be removed and replaced with such notification.

Please email editor@freeinternetpress.com with any questions.

Our Privacy Policy can be viewed at https://freeinternetpress.com/privacy_policy.php

XML/RSS/RDF Newsfeed Syndication XML/RSS/RDF Newsfeed Syndication: http://freeinternetpress.com/rss.php

XML/RSS/RDF Newsfeed Syndication XML News Sitemap