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5/04/2009

Berlin online reports that reaction from German industry to the summit is positive, with the BDI speaking of a 'breakthrough' in an interview with German banking association chief Manfred Weber about the 'important' decisions at the G20.

Handelsblatt says that if anything from the G20 summit goes down in history, it could be the return of multilateral organisations to the world stage and the growing role of threshold countries such as China and India.

27/03/09

Foreign Minister Frank-Walter Steinmeier, Environment Minister Sigmar Gabriel and Potsdam Climate Research Institute chief economist Ottmar Edenhofer have presented a study on which areas the G20 nations should invest in to create growth while preventing climate change. The study, commissioned by the Foreign Ministry, was carried out by the Potsdam Institute together with Sir Nicholas Stern. The authors estimate that the G20 states will invest $1.6bn over the next few months. `In a nutshell it’s about how this money can be invested in a future-oriented and ecologically sustainable way,’ says Steinmeier - Der Tagesspiegel, taz.de and Financial Times Deutschland.

Frankfurter Allgemeine Zeitung devotes full page to the most important items on the London Summit agenda, noting that the climate for reform is favourable at present and judges that both Wall Street and the City of London have lost influence on their national governments. It also looks at balance-sheet rules, more influence for the IMF and the European Central Bank, greater oversight of credit rating agencies and plans to amend the Basel II capital adequacy rules.

23/03/09

There is a unified European view that in London we want to make significant progress on the topic of financial market regulation, says Chancellor Angela Merkel tells Handelsblatt.

13/03/09

As the finance ministers and central bankers prepare to meet in London this weekend, finance minister Peer Steinbrück will push for clear progress on financial markets regulation, says Handelsblatt. For the Federal Government, implementing the G20 action plan on international financial market stability is the top priority. The paper reports that Steinbrück wants to renew the German call for a central credit register and a risk map for the markets but goes on to argue thatthere has so far been no majority in the G20 for the proposals.

10/03/09

Handelsblatt says developing and threshold countries cannot expect much help as the international financial institutions are overwhelmed, and industrial nations concerned with their own problems. Thus it is all the more important that the G20 doesn't just agree on future regulation for the financial markets at the London Summit, but also better agrees on global growth policy with each other.

09/03/09

Die Welt says that economically, 'we are all in this together - that's the main lesson of this crisis'. The fight against protectionism must therefore be placed at the top of the London Summit agenda.

The G20 should only grant the World Bank and IMF more money if they fulfil strict requirements to move away from a policy of 'deregulation and privatisation', since these recipes have led not only developing countries, but the world economy as a whole to the 'edge of the abyss', says TAZ.

05/03/09

In a front page editorial, Handelsblatt questions says the London Summit must focus on the most pressing issues. First, the G20 countries must agree to nationalise all severely ailing banks to get credit flowing again. Second, state bankruptcies must be prevented by giving the IMF a generous capital injection. Third, the global economy needs to be boosted, through an internationally coordinated fiscal stimulus. If the summit fulfils these three requirements and crowns it all with a convincing rejection of protectionism, then it will have fulfilled its purpose. Everything else can wait.

02/03/09

The European states returned to unity just in time in Brussels, says Sueddeutsche Zeitung. In contrast with 1930, when everyone thought of themselves, the Europeans have this time sent the signal, 'we'll do this together'.

01/03/09

Frankfurter Allgemeine says that in view of the economic situation, the state of the banking sector and, moreover, the increasingly protectionist mood in some key member states, the meeting of EU heads of state was not superfluous. It is high time to concentrate on common responsibility - even if it's just because states realise that they are all interconnected and that economic difficulties in one country could have grave consequences in many other member states.

26/02/09

In an editorial Zeit Online says Europe has two possibilities in this crisis: either the EU states work better together or the EU will 'sink into insignificance'. The article presents a gloomy description of the financial situation in smaller EU member states and argues that larger members like Germany must provide help 'if necessary'. 

24/02/09

The Sueddeutsche Zeitung newspaper used its main editorial to say that the crisis and the London Summit offered a chance for the world to adapt its of international cooperation to the 21st century realities. 'One of the issues at the London summit will be to arrive at an internationally coordinated, consistent strategy. It is right that the international community has shifted policy from the G7 to the G20, but Europeans and Americans will not be able to avoid granting China more power and weight in organisations like the IMF and the World Bank.'

21/02/09

In her weekly podcast ahead of the Berlin summit, Chancellor Angela Merkel said there could be no blank areas on the map when it came to financial market products, market participants and instruments. The G20 states were working ‘flat out’ to implement the plan of action they adopted in November.

19/02/09

Tagesspiegel reported in its Berlin section that a broad alliance of unions, peace activists and social movements was calling for a protest on 28th March against the G20 meeting in London, under the slogan, 'We'll not pay for your crisis!'

16/02/09

In her invitation to Berlin for the European Union meeting of G20 states on 22nd February, Chancellor Angela Merkel said she wanted to discuss with participants how to focus on countering protectionist tendencies. The Chancellor also wanted to seek a way to reach agreement on the Doha trade round this year, and to discuss her "charter for a sustainable economy".

12/02/09

Financial Times Deutschland said Chancellor Angela Merkel and Finance Minister Peer Steinbrück would support British moves to banish protectionism and revive the Doha trade talks at the London Summit.

11/02/09

Handelsblatt said the most important industrial and emerging economies are taking their mission to stabilise the financial markets seriously. German banking associations would welcome the "intelligent further development" of the Basel II share capital rules which would significantly weaken their pro-cyclical impact, requiring banks to set up an additional capital buffer in good economic times.

05/02/09

Chancellor Angela Merkel hosted a meeting of  the heads of the World Bank, International Monetary Fund, Organisation for Economic Cooperation and Development, World Trade Organisation and International Labour Organisation to discuss new architecture for world trade, including her proposal for a World Economic Council.

04/02/09

Handelsblatt says a new wave of protectionism is showing its face - above all in the banking sector; state intervention is leading to a renationalisation of the credit markets. International rules are needed to prevent foolish decisions on economic policy. The London summit must make it clear to all participants that the fight against financial protectionism serves their own interest.

03/02/09

Frankfurter Allgemeine Zeitung reported that during his visit to Berlin last week, Wen Jiabao, the Chinese premier, and Chancellor Angela Merkel agreed on their desire to strengthen cooperation between the two countries in all areas despite the economic crisis. Chancellor Merkel welcomed the involvement of China in finding a solution to the crisis at the London summit of the G20, saying the G8 countries could not overcome the crisis on their own.

In a subsequent meeting, Premier Wen agreed with the proposal of Frank-Walter Steinmeier, Germany’s foreign minister and deputy chancellor, that the world’s leading economies should commit to binding financial market rules. Foreign minister Steinmeier said he hoped for 'precise and concrete' proposals at the London summit.

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