German Finance Minister Peer Steinbrück has warned that the current financial crisis could cost the US its status as "superpower in the world financial system." Making a statement on government policy to legislators in Berlin, Steinbrück reiterated his call for stronger international regulation of financial markets.
The minister proposed a number of measures, including a ban on speculative short-selling and an increase in bank capital requirements to offset credit risks. Steinbrück said the crisis had been fuelled by an unrestrained drive for double-digit profits and massive bonuses for bankers and company executives. He reiterated Germany's refusal to set up its own bank bail-out scheme, saying the crisis Berlin Transport System Introduces Scentsational New Plan ...
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Kiefer out of Wimbledon ... was principally a US problem. Steinbrück said the Group of Seven (G7) finance ministers would meet in Washington next month to discuss how to tighten regulation of capital markets.
(Deutsche Welle)
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