Germany and France: Leading Actors in Greek Drama (II)
Germany
wants to play the leading role when it comes to financial and economic
issues regarding other states of eurozone. It meets the immediate
interests of its big business which uses the debt situation to its
advantage by accumulating assets abroad. The European Commission, which
in some cases resists the pressure from Berlin, directed attention to
the fact.
wants to play the leading role when it comes to financial and economic
issues regarding other states of eurozone. It meets the immediate
interests of its big business which uses the debt situation to its
advantage by accumulating assets abroad. The European Commission, which
in some cases resists the pressure from Berlin, directed attention to
the fact.
In
November 2013, a European Commission’s report put Germany under
scrutiny for its trade surplus. In September 2013 the surplus reached
record high level of 18.9 billion euros. According to the European
Commission, Germany artificially increased exports to harm its leading
trade partners – the countries of Central and Eastern Europe. This
policy imbalanced the European economy.
November 2013, a European Commission’s report put Germany under
scrutiny for its trade surplus. In September 2013 the surplus reached
record high level of 18.9 billion euros. According to the European
Commission, Germany artificially increased exports to harm its leading
trade partners – the countries of Central and Eastern Europe. This
policy imbalanced the European economy.
Germany
met the European Commission’s report with hostile response. Volker
Wieland, a member of Germany's panel of economic advisers, said the
trade surplus was created by market forces. His colleague Lars P. Feld
said the Merkel’s government knew how to cast a spell. Berlin becomes
more assertive in its eurozone economic policy. A study conducted by the
Halle Institute for Economic Research (IWH) revealed that the German
government has saved up to 100 billion euros ($109 billion) in interest on Greek debt.
met the European Commission’s report with hostile response. Volker
Wieland, a member of Germany's panel of economic advisers, said the
trade surplus was created by market forces. His colleague Lars P. Feld
said the Merkel’s government knew how to cast a spell. Berlin becomes
more assertive in its eurozone economic policy. A study conducted by the
Halle Institute for Economic Research (IWH) revealed that the German
government has saved up to 100 billion euros ($109 billion) in interest on Greek debt.
The
report was released this August after the unprecedented interference of
German Finance Minister into the talks between the «troika» of money
lenders and Greece.
report was released this August after the unprecedented interference of
German Finance Minister into the talks between the «troika» of money
lenders and Greece.
