The spring meeting of the International Monetary Fund and World Bank is dedicated to a slowing global economy. The IMF had lowered its outlook in its growth expectations to 3.2 percent for the 2016th Schäuble stressed that there is no substantial deterioration in economic conditions, excessive nervousness was not appropriate. The minister criticized the IMF that this set by its frequent revisions of its own economic forecasts investor confidence to play and contribute to economically harmful uncertainty.
Schäuble reported on the working dinner of the G20 finance ministers and central bank governors on the eve, it sat increasingly by the findings that for stimulating economic growth, fiscal and monetary policy had come at their borders and now a phase of economic structural reform must be initiated. Schäuble vehemently resisted the often formulated at the Spring suggestion that Germany had its responsibility for the global economy by exploiting its fiscal leeway to finance an infrastructure program to meet. The idea that Germany shame of the world economy, because it receives too little debt, is totally misleading. Germany have stabilized its financial policy Europe since 2010.
Bundesbank President Jens Weidmann supported Schaeuble’s appeal now to put structural reforms on the political agenda rather than to call for monetary policy. The ultra-expansionary monetary policy is associated with risks and side effects. Nevertheless Weidmann emphasized that the expansionary monetary policy in the euro area at the time was appropriate. Weidmann raised the ECB’s independence emerged as highly valued. He was responding to a provoked from Schäuble debate. The Minister had made the low interest rate policy of the ECB is responsible for the growth of the euro AfD critical. The minister did not repeat the accusation that he now made design shortcomings of monetary union for the low interest charge. But Schäuble stressed that the low interest rates squeeze among other companies to increase provisions for occupational pensions. Weidmann said the ECB’s decisions are not sacrosanct and should certainly be discussed.
For Greece crisis Schäuble repeated earlier statements that the country’s debt currently not be a problem due to low interest rates on emergency loans, which is why a haircut not up for debate. A rescue package without IMF be legally impossible, he emphasized again.
The global efforts to curb tax evasion have led, according to Schäuble to great successes. The five largest countries in Western Europe intend to strengthen the exchange of private control data in response to the publication of the Panama-papers. The finance ministers of Germany, Britain, France, Italy and Spain have announced an initiative to find out the private owners of companies, foundations and trusts called to record in a register and to share this information with each other. The initiative complements a 2012 by Finance Minister Wolfgang Schäuble (CDU) and his British counterpart George Osborne, launched initiative to cooperation in tax matters, which have, meanwhile, connected 98 countries according to the OECD, under whose auspices the project was pushed ahead.
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Schäuble pointed out that now Panama had agreed to adhere to the new rules want to keep. The automatic exchange of data should, if the computer technical challenges are addressed, starting in January next year. Other countries encounter according to the OECD a year later added. The United States, however, do not accept the general automatic data exchange part, but have exchange agreements with individual countries. The American state of Delaware and other states allow and encourage the creation of anonymous shell companies. OECD Secretary General Angel Gurria has indicated but notes that the federal government wants to end its practice of some states, not to insist on disclosure of the true owners of the companies. From the US Treasury was to get an opinion.
Schäuble said he welcomes the publication of the Panama-papers, they nevertheless emphasized the need of those initiated by him Initiative. She complements initiatives in many OECD countries, make it harder for companies to move their profits so, so that they are hardly taxed. This newspaper had announced on Friday that the World Bank uses a large scale companies in tax havens to finance their development projects. The KfW has investments in tax havens.
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