Sunday, July 24, 2016

Finance – G20 spread despite the Proposed referendum on United Kingdom membership of the European Union-vote of confidence – Süddeutsche.de

Direct from the dpa news channel

Chengdu (AP) – After Proposed referendum on United Kingdom membership of the European Union-vote is characterized by representation of Federal Finance Minister Wolfgang Schäuble no quick line for an outlet of Great Britain from the EU from .

“We are a good cooperation in difficult negotiations,” Schaeuble said on Sunday in Chengdu, China, after two days of deliberations of finance ministers and central bankers of the leading industrial and emerging countries (G20). Since he was very confident. It was also a little smarter. “But the problem is not solved yet.”

On the sidelines of the G20 meeting, Schäuble had first met the new British finance minister Philip Hammond. After presentation of Bundesbank President Jens Weidmann although there are uncertainties caused by the Proposed referendum on United Kingdom membership of the European Union recommendation. It should nevertheless consensus in the G20, the global economy will continue its success journey – with a total of muted pace and a slight gain in 2017. In Germany, is the fundamental trend continued vigorously. 2018 but is expected to “a limited braking action”.

“There are no signs that the economic picture has changed dramatically through the Proposed referendum on United Kingdom membership of the European Union-vote,” Weidmann said. The overall reactions of the financial markets are moderate and prudent. Only the British pound and Japanese yen and bank shares there had been pronounced movements. It is certainly wrong to use the Proposed referendum on United Kingdom membership of the European Union as a pretext to pursue an active exchange rate policy, warned Weidmann. “Competitive devaluation will not work.”

The G20 set after estimate Schäuble intensified on fundamental reforms to promote economic and employment. “We need sustained investment, we need structural reforms,” ​​he said. The debate was shifting increasingly in this direction. Of course, the financial and monetary policy to play a role. But they had no substitute, said the Minister of Finance

Europe was -. not been the focus of the G20 consultations – except the United Kingdom after the Proposed referendum on United Kingdom membership of the European Union recommendation. Talk of financial freedom in Germany for more investments go “completely short of reality”, said Schäuble. The German fiscal policy is appropriate and mildly expansionary. Bottlenecks in investment arising rather from the slow pace of implementation of projects. 2017 Germany will take over the G20 presidency.

The Turkish Deputy Prime Minister Mehmet Simsek had he communicated his concern in Germany and Europe on the development in Turkey. This was assured that the constitutional democracy remains received in his own country. The state of emergency is only transitional. However, it is reasonable to speak intensively and openly at such meetings, said Schäuble.

Following the debate in the G20 through a fair tax policy, the broad sections of society would benefit, Schäuble sees growing opportunities for the introduction of a global FTT. His charge had succeeded. This will indeed be a long time. But it would have been a failure, the chance for an initiative for global taxation of financial transactions should not be made now, Schäuble said.

A global introduction is of course quite difficult. But if go along the major economies and financial centers, this might increase the pressure on other financial centers and tax havens, Schäuble said. A global initiative will not hinder the European efforts. We will keep trying to reach Europe in a “base case”, said Schäuble. So far, want to introduce a financial control in the way of enhanced cooperation Germany and nine other EU countries. The negotiations are very depressed for years.

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