• Germany's news in English

Steinmeier says Europe warned US on financial crisis

AFP · 25 Sep 2008, 08:09

Published: 25 Sep 2008 08:09 GMT+02:00

Facebook Twitter Google+ reddit

Steinmeier offered his version of "I told you so" during a visit to the US Stock Exchange and said that Germany, Europe's biggest economy, had run into an American brick wall when it called for more checks on international finance.

"I must say that we, and the finance minister (Peer Steinbrück) in particular, were right in the recommendations that we have been making for two years," he told reporters on Wall Street.

"First of all, to ensure more transparency on international finance markets and secondly, to demonstrate more sensitivity to risk."

Steinmeier said he was pleased to hear in his talks with US bankers and traders this week on the sidelines of the UN General Assembly's annual debate that there was now "strong support" for market regulation to avert crises like the current one.

"It is a discussion that we have had for a long time in Europe, that the completely unregulated parts of the international financial market must be more closely monitored and that we must try to reach an agreement on common regulations," he said. "There is agreement here on that now."

He cited greater monitoring of new products available on finance markets and the need to ensure banks have sufficient capital as areas where there was now growing international consensus.

"All of this is going to stay on the agenda for a long time," Steinmeier said, noting the ripple effect was being felt in leading emerging markets such as China and Russia. Steinmeier said the crisis was dominating the UN General Assembly debate and said African leaders in particular were concerned that the tightening of credit in the West would force cuts in development aid.

He said it was too soon to tell whether their fears were justified but noted that aid was "not significantly based on the financial markets" although their role in such budget earmarks had grown in recent years. Germany headed the Group of Eight industrialized nations last year and

Story continues below…

advocated greater transparency in international financial transactions, especially in hedge funds. But it was thwarted by US and British resistance.

US lawmakers have proposed a $700-billion rescue package to avert calamity in the financial market after the bankruptcy of investment firm Lehman Brothers and an 85-billion-dollar aid package for insurance and financial giant AIG last week.

Facebook Twitter Google+ reddit

Today's headlines
Student fined for spying on women via their webcams
Photo: DPA

Student from Munich fined €1,000 for spying on 32 different computers, using their webcams to take photographs, or record their keyboard history.

This is how much startup geeks earn in Germany
Photo: DPA

A comprehensive new survey of 143 startup founders shows how much you are likely to be earning at a German startup, from entry level all the way up to sitting on the board.

Man dies after beating for peeing near Freiburg church
The Johannes Church in Freiburg. Photo Jörgens Mi/Wikipedia

A middle-aged man from southern Germany has died after being attacked by a group of men who took umbrage with the fact he was urinating in the vicinity of a church.

The Local List
Seven German celebrities with uncanny doppelgängers
Former Berlin mayor Klaus Wowereit and actor Alec Baldwin. Photo: DPA; Gage Skidmore, Wikimedia Commons

Check out these seven look-a-likes of well known German figures - we admit that some are more tenuous than others...

Israel seeks to buy three new German submarines: report
A Dolphin class submarine. Photo: DPA

Israel is seeking to buy three more advanced submarines from Germany at a combined price of €1.2 billion, an Israeli newspaper reported Friday.

Here’s where people live the longest in Germany
Photo: DPA

Germans down south seem to know the secret to a long life.

More Germans identify as LGBT than in rest of Europe
Photo: DPA

The percentage of the German population which identifies as lesbian, gay, bisexual or transgender is higher than anywhere else in Europe, according to a new study.

'Reichsbürger' pair attack police in Saxony-Anhalt
File photo: DPA.

A "Reichsbürger" and his wife attacked police officers on Thursday, just a day after another Reichsbürger fatally shot an officer in Bavaria.

Five things not to miss at the Frankfurt Book Fair
Photo: DPA

From consulting a book doctor to immersing yourself in an author's world with the help of virtual reality, here are five things not to miss at this week's Frankfurt Book Fair, the world's largest publishing event.

Parents who don't get nursery spot for kid entitled to pay
Photo: DPA

The Federal Court of Justice (BGH) ruled on Thursday that parents whose children don't receive placements in nursery care are entitled to compensation.

Sponsored Article
How to vote absentee from abroad in the US elections
10 things you never knew about socialist East Germany
Sponsored Article
Last chance to vote absentee in the US elections
How Germans fell in love with America's favourite squash
How I ditched London for Berlin and became a published author
Sponsored Article
How to vote absentee from abroad in the US elections
12 clever German idioms that'll make you sound like a pro
23 fascinating facts you never knew about Berlin
9 unmissable events to check out in Germany this October
10 things you never knew about German reunification
10 things you're sure to notice after an Oktoberfest visit
Germany's 10 most Instagram-able places
15 pics that prove Germany is absolutely enchanting in autumn
10 German films you have to watch before you die
6 things about Munich that’ll stay with you forever
10 pieces of German slang you'll never learn in class
Ouch! Naked swimmer hospitalized after angler hooks his penis
Six reasons why Berlin is now known as 'the failed city'
15 tell-tale signs you’ll never quite master German
7 American habits that make Germans very, very uncomfortable
Story of a fugitive cow who outwitted police for weeks before capture
Eleven famous Germans with surnames that'll make your sides split
The best ways to get a visa as an American in Germany
jobs available
Toytown Germany
Germany's English-speaking crowd