German Politics - SPD for bank failures without sovereign risk

Former Finance Minister Peer Steinbrück presents today the SPD parliamentary group his plans on the future regulation of the banking sector. Tomorrow I will have potential chancellor candidate of the Social Concept will be introduced to the public.

"We want to protect the taxpayers' money"

Furthermore dedicated Steinbrück concept dealing with the shadow banking sector. According to Schneider wants Steinbrück define clearly what is the shadow banking sector, the financial institutions outsource their risky business. The next step would have the liquidity line between banks and the sector will be capped. "When is such a shadow bank goes bust, then spend the money the speculators away, that's his risk," said Schneider. But it does not fall to bank with, for the taxpayers stand straight. "We want to protect the taxpayers' money."

Shadow banks

Shadow banks are companies performing similar functions, such as banks - but subject to almost no controls. Also exchange traded index funds and private equity firms, finance companies and insurance companies, for example, loans are also granted to consumers. They make similar businesses such as banks, but only partially subject to the rules that apply to traditional financial institutions.

Sales of this parallel system has in 2002 worldwide by 2010 to around 60 billion euros more than doubled. This corresponds to 30 percent of the entire financial system. The EU Commission is concerned that the failure of a shadow banking because of their association with the chartered banks can shake the financial system dangerous.

Banks should pay into fund

Moreover Steinbrück plan a bailout for banks. "If banks are too big pay and go bankrupt, then now is the taxpayers," said Schneider. "We want to go bankrupt that they can." In the Fund will pay the big banks. Such a levy would amount to at Deutsche Bank about two billion euros.

Steinbrueck himself had provided this part of his concept with the slogan banking ESM - according to the new permanent euro bailout fund ESM. The financial needs of such a rescue fund for banks he estimated at 150 to 200 billion euros. It will, however, take several years before the banks had sufficient funds paid into the fund. In Germany there is already a national restructuring fund, which is financed by the bank levy introduced in 2011.

Criticism of the plans came from the Association of German Banks. The ARD television said association CEO Michael Kemmer, IN QUESTION at the concept are "a placebo that does not help anyone." The plans Steinbrück stood against the interests of the German economy.

Really is true that the shadow banking sector needs to be regulated. The idea of ​​a bank rescue fund, as already exists in Germany was correct. Steinbrück's proposed splitting of large banks in investment and lending business, however, he rejected decisively, even if the claim sounded good grip. The pure separating get nothing. So be about the U.S. bank Lehman Brothers, whose bankruptcy had triggered the financial crisis in 2008, was a pure investment bank. "After the defeat of theory Steinbrück they had at that time there just as it has existed." Nevertheless, this failure had triggered the financial crisis or fired massively.

News WWC Sept. 25, 2012

Previously the food was standing a requirement of a hurry, and it was called lunch. Today, it is finger food, and it is considered chic. If only its related tragedies would not!

Hunger attack – thanks to finger food buffet

Operates the European Central Bank, with its bond purchasing program for hidden state funding? Apparently, the monetary authorities defend against this charge. According to the “Bild” newspaper test of lawyers ECB and Bundesbank the legality of the purchases.

Europe – ECB prepares for lawsuit

Europe - Japan - China Concern

"The Sino-Japanese dispute over an island group threatens to expand into a trade war. Because of the massive protests several Japanese electronics producers have shut down their factories in China. Chinese state media warn Japan facing a “lost decade”. "

Japanese firms stops Production in China

The second largest bank in China will buy abroad. It aims at the largest acquisition in the history of China’s financial industry. The aim, according to the “Financial Times”: Europe. $ 15 billion, the China Construction Bank has therefore provided for a purchase of a European institute.

Chinese banking giant plans to record-buying in Europe

The plans by the European Commission Union Bank will probably not come the new year. The euro finance ministers could communicate in Cyprus on a schedule. Among others is still debated whether the new banking supervision continue to oversee all financial institutions in the 17 euro countries.

Europe – Banking splits euro finance ministers

Westerwelle announced new sanctions against Iran

The European Union increased in the dispute over the Iranian nuclear program, the pressure on the government in Tehran. The community was preparing more sanctions against Tehran, told Guido Westerwelle during a meeting of EU foreign ministers. "We are in a serious situation," he said.

Paphos - The European Union is due to the hard-line stance in the dispute over Iran's nuclear program from new sanctions. As a possible date for new orders was the 15th October called as Foreign Minister Guido Westerwelle (FDP) at a meeting of EU foreign ministers on Friday evening announced in Paphos, Cyprus.

Against Iran, already subject to a range of sanctions. The international community suspects that the country operates under the guise of a civilian nuclear program to nuclear weapons. Tehran denies the allegations and insists on its right to peaceful use of nuclear energy.
Westerwelle said "he was deeply concerned about the lack of progress in nuclear negotiations." "We will not accept a nuclear-armed Iran." The Iranian leadership must in talks with the international community finally make "substantive proposals".

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In the course of the dispute, the EU imposed sanctions on several occasions against Iran, including an oil embargo. The Tehran government admitted in late July that the sanctions imposed by the West affect the economy in Iran.

Britain urges EU diplomats said on more punitive measures that target the energy and trade sectors. "It is necessary to increase the pressure on Iran to intensify the sanctions," said British Foreign Secretary William Hague.

EU foreign policy chief Catherine Ashton strives on behalf of the five veto powers in the UN Security Council - Britain, France, Russia, China and the United States - as well as Germany wants to advance nuclear negotiations with Iran as part of the so-called 5 +1 talks.

Ashton wanted to inform the EU foreign ministers in Paphos on the stalled negotiations and acknowledged that an already pre-arranged for late August interview with the Iranian nuclear negotiator Saeed Jalili has still not taken place.
France's foreign minister Laurent Fabius and Italian Prime Minister Giulio Terzi also spoke in favor of the sanctions screw the EU in conflict with the government in Tehran again attract. "Our desire is that we get a political solution. But it has to move Iran," said Fabius.

Israel considers an Iranian nuclear bomb as a threat to its existence and apparently increasingly considering a military attack against Iran's nuclear facilities.

Archaeologists find 700 year old tunnels in the Harz

Surprise in the resin: Ironically, on a historic mining dump archaeologists have discovered a 700 year old tunnels. The researchers call a unique find.

Goslar - Archaeologists have discovered the remains of a resin around 700 years old coal mine and partially exposed. Whether they are a "sensational discovery," said the Director of the Unit mining archeology of the Lower Saxony State Office for Monument Protection, Lothar Klappauf. The "unique discovery" are not only for the history of the resin, but for the entire German mining history is of great importance.

The date marked on any map tunnel located on the edge of a quarry in the vicinity of the mine Rammelsberg near Goslar - at a dump of historical Harz mining. Miners have the tunnels driven according to the archaeologists about the year 1300 through the heap to get to a not yet fully exploited ore deposit.

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That the woods are preserved to this day lying on the preservative effect of the heavy metals in the stockpile, said state archaeologist Henning Hassmann. A similar wood secured 700 year old tunnel was at least in Central Europe, not yet discovered. The excavation site can be visited at the Heritage Day (September 9).

WEF Ranking 2012

TOP 10

1. Switzerland 

2. Singapore 

3. Finland 

4. Sweden

5. The Netherlands 

6. Germany

7. United States of America 

8. United Kingdom 

9. Hong Kong SAR

10. Japan

complete WEF ranking List 2012

Germany defies the euro crisis - and surpasses in competitiveness, now the United States. The findings of a recent study by the World Economic Forum. Therefore fall back to the USA.

Geneva - The German economy has so far been largely unaffected by the euro crisis. The findings of a recent survey by the World Economic Forum (World Economic Forum, WEF). Germany could therefore claim his sixth place on the list of the world's most competitive countries. On the established and published by the WEF rankings, the Federal Republic was for the first time ahead of the U.S.. The United States continued their downward trend and were lower compared to the competitiveness of 144 countries back up two places to seventh.

The debt crisis has widened the gap, according to the WEF in the competitiveness of European economies also continue. While the countries of northern Europe would have defended its strong competitive position since the severe economic crisis of 2008, the countries of southern Europe, they had fallen in the rankings.

In assessing the competitiveness it is however necessary to determine the parameters considered. In recent weeks, other studies of European economies had shown that the economy is in the euro crisis countries once again become competitive. Above all, lower wages and an increase in productivity were the reasons.

Six states of Europe Top Ten

At the WEF rankings, Switzerland defended the fourth year in a row the top spot as the most competitive economy in the world. In second place in the rating of the Asian city-state of Singapore, Finland follows behind in third. After Sweden, the Netherlands, Germany ranks as Europe's largest economy sixth.

By contrast, the countries of southern Europe in the WEF rankings fallen far and partially occupy only rear ranks. The financially troubled euro-heavy country Greece is reported to be found only on the 96th Rank. Even the battered by the debt crisis, euro zone countries Portugal (49th), India (36th) and Italy (rank 42) ranked far down on the list.

WEF sees growing divide "threat to our prosperity"

The founder and chairman of the World Economic Forum, Klaus Schwab sees a serious danger in the growing gap of competitiveness within Europe. It is "the reason for the current turmoil that threaten our future prosperity." He urged governments to take decisive action and long-term measures to boost competitiveness. Only in this way, economic development could be put back on the path towards sustainable growth.

The ranking is based on data on a WEF index, which was developed in 2004. Competitiveness is understood here "as the sum of the factors, policies and institutions that affect the level of production and therefore the standard of living and economic growth of a country."

European Crisis - "We will find a solution"

An extension of time for the Greek reforms is the focus of today's meeting between Angela Merkel and French President Hollande. For Merkel, it covers the whole of Europe. Anyone hoping for a quick fix, got to hear from her a clear message.

The stakes are clear: Greece calls for his reforms more time by the European Union. But the federal government is against it. So now the French president Francois Hollande arrives in Berlin and could convey. He is regarded as a moderate on this issue.

If France and Germany are in agreement once, usually moves to the rest of Europe, as government spokesman Steffen Seibert was to understand the question of the importance of the meeting. "The need for coordination between a French president and the German chancellor is always great," he said. "This is due to the role of our two countries in the European Union. This second half of 2012 are up important issues. Greece is one of them."

More time means more money for Greece
 
Finance Minister Schäuble expects higher demand for credit, if Greece would get more time for his reforms.
More time for Greece - which means, according to Finance Minister Wolfgang Schaeuble may yet more money would have to borrow the Europeans Athens. For the coalition partner, the FDP, it is a question of credibility. Merkel and linked to the Greece question even a basic course for Europe. "This is not just about economic issues, but it is about deeply political issues, and thus the future of Europe as a whole," she said. "That is the spirit in which I go into talks with the French president."

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What this could mean for Greece, Merkel also said. "We know that we have just in the area of ​​the single currency does not eliminate the early mistakes that were made at the launch of the euro," she explained. "So I'm going in with the knowledge that we have to create it, that each partner delivers on its commitments. Course, this is also the theme when we talk about Greece."

Dispute also to euro bonds and stimulus

More leniency or harshness toward Greece - that is not the only point of friction between Germany and France. While the Chancellor thinks especially fiscal consolidation, the French president wants to stimulate the economy with new spending. And while the rest of Europe would like to introduce common bonds, so-called euro bonds, the Chancellor defends tooth and nail against it.

Decisions are not expected in the short meeting with Hollande. Certainly not in relation to Greece. Especially the day after Merkel receives the Greek Prime Minister Antonis Samaras. The statements at the press conference would be "but from what has been said in the past, do not differ," Merkel announced. "We will not find a solution, but we are waiting for the report of the troika." But which is submitted in September. In this respect, the meeting with Hollande and Samaras are only the prelude to a hot autumn.