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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? |