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☆ German finance minister eyes new growth package -FAZ
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Dec 27 (Reuters) - German Finance Minister Christian Lindner has tasked his officials with preparing a growth package including lowering income and corporation tax, the Frankfurter Allgemeine Zeitung (FAZ) daily reported on Tuesday, citing an internal document. The document sets out what it describes as a "turning point in economic and financial policy" for Europe's biggest economy for the next two years, reported the newspaper. Arguing that Germany had fallen behind and that high energy prices, caused in part by Russia's invasion of Ukraine, had put German companies under pressure, the document said state money was not a solution in the long run. "We cannot counter this challenge in the long run with more state money and industrial policy subsidies," the FAZ quoted the document as saying. In concrete terms, reported the FAZ, the document set out the case for a general reduction in income and corporation tax and also contained proposals for the labour market and social security.

☆ German court dismisses challenge to 750 bln euro EU recovery fund
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Dec 6 (Reuters) - Germany's constitutional court on Tuesday threw out a legal challenge to the European Union's 750-billion-euro ($786 billion) recovery fund, which saw the EU take on joint debt to help member states overcome the COVID-19 crisis. German Finance Minister Christian Lindner welcomed the ruling but said some aspects of the decision would have to be closely analysed by the government. The funds are to be repaid from the EU budget over the coming decades, with Germany shouldering by far the biggest share of any member state. The court ruled that the ratification act had not violated their right to democratic self-determination nor did it "impair the overall budgetary responsibility of the Bundestag". Lucke expressed disappointment at the ruling but said it was positive that the court had emphasized the EU has no general authority to take on common debt.

☆ Germany is opposed to raising new money to support European competitiveness
▼ + stars: | 2022-12-06 | by ( Silvia Amaro | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGermany is opposed to raising new money to support European competitivenessGerman Finance Minister Christian Lindner told CNBC the U.S. Inflation Reduction Act is an "invitation" for the region to reconsider its competitiveness.

☆ Germany says borrowing more money to compete with the U.S. would be a 'threat' to Europe
▼ + stars: | 2022-12-06 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

BRUSSELS — Germany said Europe should refrain from borrowing more money to compete with U.S. green subsidies or its competitiveness will be threatened. European Commission President Ursula von der Leyen said Sunday "new and additional funding at the EU level" will be needed to make European companies more competitive in the transition to a greener economy. "There are some parts of Ursula von der Leyen initiative which [need] to be further debated, especially her proposal of [a] European sovereignty fund. However, they indicate where the commission believes the bloc should go to be in a better position to compete with the United States. "We have all heard the stories of producers that are considering to relocate future investment from Europe to the U.S.," von der Leyen said Sunday.

☆ EU backs watering down of final Basel bank capital rules
▼ + stars: | 2022-11-08 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

LONDON, Nov 8 (Reuters) - European Union member states have backed a temporary watering down and two-year delay to 2025 for the final leg of the globally agreed Basel III bank capital rules, the Czech EU presidency said on Tuesday. EU states will now negotiate a final deal with the European Parliament in early 2023. Most of the Basel III rules, a set of tougher capital rules for banks after the global financial crisis more than a decade ago, have already been implemented. EU ministers backed a two-year delay to the start date for rolling out the final rules, pushing it back to January, 2025. Smaller banks would benefit from simpler disclosure, and EU states pushed back against attempts at stricter EU harmonisation in checking whether top bank staff are 'fit and proper'.

☆ Germany's China strategy must include level playing field - Lindner
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Nov 4 (Reuters) - A level playing field for German and Chinese companies must be part of the Berlin government's strategy going forward, German Finance Minister Christian Lindner told the Welt am Sonntag newspaper on Friday. "We must recognize that China is not only a place to do business, but also a systemic rival. Therefore, we must protect our critical infrastructure and intellectual property," he said. He added that he was open to offering new trade talks with the United States as a consequence of the changed world order. Writing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Debt rules in Europe are changing. And that could have big repercussions in the bond markets
▼ + stars: | 2022-11-04 | by ( Silvia Amaro | ) www.cnbc.com time to read: +6 min

The euro zone is to discuss changing its fiscal rules - a task that could have market repercussions. Bloomberg | Bloomberg | Getty ImagesThe euro zone will soon reveal changes to its fiscal rules — a move that could have significant repercussions for government borrowing costs and the region's bond markets. At the same time, Germany and the Netherlands would blame the European Commission for not enforcing the rules with fines. "Interest burden on large public debt to GDP ratios is set to increase significantly in the years ahead. This means that in a optimal scenario, the fiscal rules will be changed from 2024 onward.

☆ Germany evaluating if consumer gas price brake can be brought forward
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Oct 23 (Reuters) - German finance minister Christian Lindner said on Sunday it was not yet clear whether a gas price brake for consumers and small businesses planned from March could be brought forward, pointing to technical and legal difficulties in accelerating the move. Some state ministers have called for the price brake to come into force in January, as will be the case for larger industrial firms, in order to support smaller businesses and households through the winter. "These are technical and legal questions we need to look at... we are working as quickly as possible." Germany will remain stable in the long term and is handling public money well, so interest rates don't rise even further, or worse." Register now for FREE unlimited access to Reuters.com RegisterReporting by Victoria Waldersee; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

But she said a more effective debt restructuring process was also needed, and China had a big role to play. The Paris Club creditor nations last month reached out to China and India seeking to coordinate closely on Sri Lanka's debt talks, but are still awaiting a reply. German Finance Minister Christian Lindner also joined the growing criticism of China's lack of timely participation in debt restructuring for lower-income countries. China has argued it would not take part in some cases unless the IMF and World Bank also took a haircut. Lindner told reporters he regretted that China had not accepted his invitation to participate in the G7 roundtable with African countries.

☆ Germany needs to tackle inflation threat, wants transparency from China - Lindner
▼ + stars: | 2022-10-13 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

Inflation can bring that foundation to erosion," Lindner said in Washington. Speaking alongside Bundesbank President Joachim Nagel, Lindner said Germany has the means to address its weaknesses, including by investing in alternative energy resources. China has argued it would not take part in some cases unless the IMF and World Bank also took a haircut. "I have used the opportunity again to remind creditors, in particular China, of their own responsibility," Lindner said. It's regrettable that China did not accept the invitation to participate in the G7 roundtable with African countries.

German Chancellor Olaf Scholz (on screen), Economics Minister Robert Habeck and Finance Minister Christian Lindner attend a news conference about how to handle high gas prices, at the Chancellery in Berlin, September 29, 2022. Chancellor Olaf Scholz said on Tuesday that Germany could not expect energy deliveries from Russia for the foreseeable future but that the situation could be managed. "If we all continue to adapt to the changed situation - the citizens, the companies and the politicians - then we will get safely through this winter," Scholz told an engineering conference. Other European countries once dependent on Russia gas, such as Italy, have also been building up storage and sourcing supplies from other countries including Algeria and Azerbaijan. If adopted, the plan would be paid for by a 200 billion euro ($194 billion) relief package Chancellor Scholz's government announced last month to reduce the impact of energy prices.

☆ Germany girds for gas supply pain, targets $93 billion price relief plan
▼ + stars: | 2022-10-09 | by ( Holger Hansen | ) www.reuters.com time to read: +4 min

Under a second stage of Germany's plan, the brake would cut the gas price to 12 cents from March through to the end of April 2024 on 80% of usage. For large industrial customers, a price brake of 7 cents is to apply to the procurement price from January 2023. Hans Juergen Kerkhoff, president of the German Steel Federation, said the scheme was a key building block to support companies during the energy crisis. Comparison portal Verivox said its calculations showed that the brake proposal would reduce household gas costs by around 41%. "The gas price brake is a very important first step that gives many companies back some confidence that they can overcome the crisis," VCI Managing Director Wolfgang Grosse Entrup said in a statement, calling for an electricity price brake as well.

☆ Germany agrees 200 bln euro package to shield against surging energy prices
▼ + stars: | 2022-09-29 | by ( Holger Hansen | ) www.reuters.com time to read: +2 min

REUTERS/Lisi NiesnerBERLIN, Sept 29 (Reuters) - German Chancellor Olaf Scholz set out a 200 billion euro ($194 billion) "defensive shield" on Thursday to protect companies and consumers against the impact of soaring energy prices. Europe's biggest economy is trying to cope with surging gas and electricity costs caused largely by a collapse in Russian gas supplies to Europe, which Moscow has blamed on Western sanctions following its invasion of Ukraine in February. To this end, we are setting up a large defensive shield," said Scholz, outlining the package. Finance Minister Christian Lindner has previously said he wants to comply with the limit next year. However, the need for the levy came into question after the government's decision to nationalise Uniper (UN01.DE), Germany's biggest Russian gas importer.

☆ Germany must protect gas infrastructure after Nord Stream leaks, regulator says
▼ + stars: | 2022-09-29 | by ( Erol Dogrudogan | ) www.reuters.com time to read: +2 min

Companies Nord Stream AG FollowBONN, Germany, Sept 29 (Reuters) - Germany must move to protect its gas infrastructure in light of the incidents that caused the Russian Nord Stream gas pipelines to leak into the sea, the head of Germany's network regulator told Reuters on Thursday. Europe is scrambling to investigate suspected sabotage that caused pipelines carrying Russian gas to leak into the Baltic Sea. Register now for FREE unlimited access to Reuters.com Register"Gas has not flowed to Germany or Europe via either of the two pipelines. There are liquefied gas plants, a gas energy infrastructure and it has to be well protected. Finance Minister Christian Lindner, while outlining Thursday's relief measures, said Germany was in an "energy war".

☆ Factbox: Germany's measures to protect consumers from rising energy prices
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Lisi NiesnerBERLIN, Sept 29 (Reuters) - Germany agreed a 200 billion euro ($194 billion) "defensive shield" on Thursday to protect companies and consumers against the impact of soaring energy prices, in what the government called a show of strength in an "energy war" against Russia. GAS PRICE BRAKEThe measure will be temporary and benefit private households and companies, bringing prices down to more manageable levels. ECONOMIC STABILISATION FUND REACTIVATIONThe government will finance the gas price cap and the liquidity and subsidies required for the electricity price brake through the Economic Stabilisation Fund (ESF). The government will skim off short-term large gains made by some energy companies during the crisis. GAS VAT REDUCTIONThe government will lower value-added tax (VAT) on gas from 19% to 7% until Spring 2024 and will extend the tax cut to district heating as well.

☆ German tax revenues fall in August for first time this year
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterGerman Finance Minister Christian Lindner holds a news conference about tax revenue forecasts at the Finance Ministry in Berlin, Germany May 12, 2022. REUTERS/Annegret Hilse/File PhotoBERLIN, Sept 22 (Reuters) - Federal and state government tax revenues fell in Europe's biggest economy during August for the first time this year, the finance ministry said on Thursday. Only payroll tax and sales tax showed slight increases, the report said. In first eight months of the year, federal and state tax revenues rose by 12.8% to 522.26 billion euros. read more($1 = 1.0129 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Christian Kraemer Writing by Madeline Chambers.

☆ No rest for the weary
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +3 min

Asia has woken up on Wednesday determined to test the BOJ's resolve, by pushing bond yields up and beyond policy bounds. Swaps markets are pricing Fed rates above 4 through 2023, but the Fed's own projection falls short. Will the Fed revise economic projections, too, and admit prices will take longer to stabilise than they now expect? Commodities markets and stocks are growing more weary of the prolonged debate on whether the Fed and other central banks are going too far. It hasn't helped that European Central Bank President Christine Lagarde, too, has joined the hawkish chorus on the need for restrictive policy read more .

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