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☆ G7 agreed global financial system resilient but needs vigilance, Japan finmin says
▼ + stars: | 2023-05-13 | by ( ) www.reuters.com time to read: +3 min

[1/2] Japan's Finance Minister Shunichi Suzuki, Germany's Finance Minister Christian Lindner, Britain's Chancellor of the Exchequer Jeremy Hunt, Joachim Nagel, President of Germany's federal reserve... Read moreNIIGATA, Japan, May 13 (Reuters) - Finance ministers and central banks from the Group of Seven rich nations agreed the global financial system is resilient but the need for vigilance remains, Japan's finance minister Shunichi Suzuki said on Saturday. "We reaffirm that our financial system is resilient, supported by the financial regulatory reforms implemented after the 2008 global financial crisis, including considerable increases in the levels of bank capital and liquidity, an international framework for effectively resolving failing institutions, and strengthened cross-border regulatory and supervisory cooperation," it said. British finance minister Jeremy Hunt told reporters at a separate event that G7 finance chiefs in Japan had "very frank and open discussions" about the challenges they face, including banking regulation. The ministers have wrapped up a three-day meeting in the Japanese city of Niigata. Reporting by Tetsushi Kajimoto and Leika Kihara; Writing by David Dolan Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ AMERICAS Debt cap tick-tock leaves eerie calm
▼ + stars: | 2023-05-12 | by ( ) www.reuters.com time to read: +4 min

The issue dominated much of the G7 finance chiefs meeting in Japan. Dimon claimed any technical default could cause financial panic and JPMorgan had convened a 'war room' internally to deal with the issue. "It's very unfortunate, it's time-consuming, hopefully it won't happen, but it affects contracts, collateral, clearing houses, clients," Dimon said. Chinese stocks underperformed, with the G7 meeting mulling restrictions on investment to the world's second-biggest economy. Bank of England chief economist Huw Pill speaksReuters GraphicsJobless claimsReuters GraphicsReuters GraphicsBy Mike Dolan, editing by Christina Fincher, <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>.

☆ German minister calls for maturity on U.S. debt ceiling talks: 'We have to avoid further risks'
▼ + stars: | 2023-05-11 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

German Finance Minister Christian Lindner hopes American lawmakers will be "mature" over the debt ceiling negotiations to avoid further headwinds for the global economy. U.S. Congress is trying to find a compromise on the debt limit — which refers to the maximum amount of money that the two chambers allow the federal government to borrow. Democratic leaders want the limit to be raised but Republican lawmakers have called for spending cuts to be agreed before anything is approved. Time is running out for an agreement, with U.S. Treasury Secretary Janet Yellen warning earlier this month that without a deal, the largest economy in the world could default by June 1. "I cannot comment on domestic politics in other countries, but I hope everyone is mature in this situation and avoids further risks for the global economic development," he told CNBC's Martin Soong.

Persons: Christian Lindner, Janet Yellen, CNBC's Martin Soong Organizations: Congress, Democratic, U.S, Treasury Locations: Japan

☆ Stubborn Germans leave EU budget reform in a fix
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, April 27 (Reuters Breakingviews) - The European Commission’s efforts to appease fiscal hardliners have not yet opened doors for a badly needed reform of the bloc’s fiscal rules. Specifically, Germany does not like a proposal to allow the Commission new flexibility to negotiate budget targets with European Union countries. Although current debt rules have never been enforced – because required cuts would be too punitive to work – Berlin likes their semblance of objectivity. But in the absence of a new system, it will have to go through the motions for 2024, and possibly beyond. Even though that’s less stringent than the current system, France already says it’s too rigid, and Italy wants more exceptions for green investment.

☆ Analysis: No China, no deal: Bid to break sovereign debt logjams gets weary thumbs up
▼ + stars: | 2023-04-13 | by ( Libgeorge Marc Jones | Marc Jones | ) www.reuters.com time to read: +6 min

LONDON, April 13 (Reuters) - The latest bid by the world's leading institutions and creditors to speed up debt restructurings and get bankrupt countries back on their feet has been greeted by a mix of cautious optimism and weary scepticism by veteran crisis watchers. The somewhat loose framework around sovereign restructurings has seen Beijing seek to influence the traditional rules of engagement in these processes. The Common Framework platform introduced by leading G20 nations in 2020 aimed to bring all creditors, including China, together and streamline negotiations. Anna Ashton, director of China research at Eurasia Group, said this week’s developments underscored the benefits for China to give some ground on some of its concerns. "China is a difficult partner to talk to but we need China at the table for the solution of debt problems, because otherwise we won't see any progress," Lindner said.

☆ German government is satisfied with consultations to reform the World Bank
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, April 13 (Reuters) - The German government is satisfied with the consultations at the World Bank's spring meetings and the initial progress made towards a fundamental reform of the development bank, Germany's finance minister said on Thursday in Washington. The minister, Christian Lindner, said he had met Ajay Banga, the U.S. nominee to head the World Bank and former Mastercard (MA.N) CEO. "I am very impressed with the candidate for the presidency of the World Bank," Lindner said. Bundesbank President Joachim Nagel added that the clear separation between the International Monetary Fund (IMF) and the World Bank must be maintained. The World Bank has development tasks, the IMF is concerned with the debt sustainability of countries in financial distress.

☆ No China, no deal: Bid to break sovereign debt logjams gets weary thumbs up
▼ + stars: | 2023-04-13 | by ( Libgeorge Marc Jones | Marc Jones | ) www.reuters.com time to read: +6 min

☆ Germany welcomes signals from China on debt-restructuring concessions
▼ + stars: | 2023-04-13 | by ( Christian Kraemer | ) www.reuters.com time to read: +2 min

"China is a difficult partner to talk to but we need China at the table for the solution of debt problems, because otherwise we won't see any progress," Lindner said. China is by far the largest creditor for many highly indebted countries in Africa and Asia, and has been repeatedly pressed to make concessions to speed debt restructuring. Regarding trade relations with China, the German finance minister said that diversification was necessary to avoid risks, but not decoupling. "Decoupling, even in the short term, cannot be in the interest of the German economy and the fragmentation of the global economy as a whole cannot be in anyone's interest," Lindner said. In the case of critical infrastructure and the protection of intellectual property, Lindner said transactions with China should be evaluated on a case-by-case basis.

☆ Germany warns EU over tampering with schemes for struggling banks
▼ + stars: | 2023-04-05 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

The EU's executive European Commission is due on April 18 to set out draft reforms to rules for handling stricken banks. The schemes link banks in a national network, allowing a struggling lender to get financial aid from the scheme's other members, forming part of a country's protections for bank depositors. CARVE OUTLindner said the commission's current plans would introduce a "number of new and significant restrictions" on IPS schemes by treating them like deposit guarantee schemes. A "clear and precise carve-out for IPS from newly introduced restrictions would be the easiest and cleanest way" to respect last year's agreement not to tamper with IPS, Lindner said. A report for the European Parliament last year said IPS represents a central and substantial component of depositor protections in Germany.

☆ New EU debt rules have way to avoid past mistakes
▼ + stars: | 2023-04-04 | by ( Rebecca Christie | ) www.reuters.com time to read: +8 min

BRUSSELS, April 4 (Reuters Breakingviews) - The European Union’s new set of fiscal rules need to answer two simple questions: will they help the bloc’s economy grow? The fiscal rules are at the crossroads of the EU’s monetary union and budgetary sovereignty. Past rounds of budget rules have carried the threat of top-level sanctions but the enforcers could not follow through. EU countries need to encourage scale-up financing and allow more cross-border cooperation. New rules need to put the future ahead of philosophy to have a chance to work.

☆ Germany unveils immigration reform plan to tackle labour shortages
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +3 min

BERLIN, March 29 (Reuters) - Germany on Wednesday unveiled draft reforms on immigration, skills training and promoting immigration from Western Balkan countries, a bid by Chancellor Olaf Scholz's government to plug labour shortages in Europe's largest economy. "Securing our skilled labour base is one of Germany's biggest economic tasks for the coming decades," Labour Minister Hubertus Heil said. One of the reforms is a new immigration law that aims to address key hurdles for migrants to Germany, particularly for those coming from outside the European Union. The draft law, seen by Reuters, says the reform could increase the number of workers from countries outside the EU by 60,000 people a year. The opportunity card follows a points-based system that takes into account qualifications, language skills, professional experience, connection to Germany and age.

☆ German coalition government ends dispute after marathon negotiations
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +3 min

[1/2] A general view as German Chancellor Olaf Scholz holds a government statement during a plenary session of the lower house of parliament, Bundestag, in Berlin, Germany, March 16, 2023. REUTERS/Christian MangBERLIN, March 28 (Reuters) - Germany's ruling coalition government on Tuesday presented the results of 30-hour negotiations aimed at resolving a spat that has threatened to delay major policy initiatives in Europe's top economy. Scholz, whom critics have accused of not providing sufficient leadership, played down the differences among the parties by suggesting the coalition reached "some very good agreements" but did not give details. Earlier this month Finance Minister Christian Lindner of the FDP delayed his presentation of the draft budget due to coalition rifts. Notably, the FDP wants to rein in spending while the Greens want to invest more in the transition to a carbon neutral economy.

☆ Japan, Germany agree to carefully monitor markets, coordinate as needed
▼ + stars: | 2023-03-18 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

TOKYO, March 18 (Reuters) - Japan and Germany agreed on Saturday to coordinate closely on financial jitters stemming from problems among Western banks while carefully monitoring global markets and economy, a Japanese finance ministry official told Reuters. The agreement came in a 45-minute meeting between Japanese Finance Minister Shunichi Suzuki and German Finance Minister Christian Lindner, visiting Tokyo for bilateral government consultations. We will carefully watch developments and coordinate with the central bank and overseas authorities," Suzuki told Lindner, according to the Japanese official. Both sides agreed on the need to closely monitor financial developments and coordinate as needed, the official said, without elaborating further. They agreed on the need to strengthen supply chains as an element of economic security.

The Greens in particular, but also the SPD, want to invest more in the transition to a low-carbon economy. The FDP on other hand, seeks a return to solid public finances after signing off on hundreds of billions of euros of exceptional expenditure during the pandemic and energy crisis. German coalition disputes are also spilling over into European Union policymaking, sparking irritation among partners. Proportional representation, for example, means coalition governments are the norm, which can slow down decision-making. However singling out just one minister could could result in that minister's party exiting the coalition, he said.

☆ "Calm down!" EU finance ministers play down SVB contagion despite banking shares rout
▼ + stars: | 2023-03-13 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +3 min

SummarySummary Companies European bank shares down nearly 10% over two daysMinisters try to soothe markets as investors dump bank stocksFrance's Le Maire: "calm down!" BRUSSELS, March 13 (Reuters) - European finance ministers and the EU's economics commissioner played down the contagion risk of the collapse of U.S. Silicon Valley Bank (SVB) while European bank shares saw their biggest rout since the start of Russia's invasion of Ukraine. At the start of a Eurogroup finance ministers meeting in Brussels, French Finance Minister Bruno Le Maire called on markets to "calm down" and European Economic Commissioner Paolo Gentiloni stressed he did not see a risk of contagion for European banks following SVB's collapse (SIVB.O). France's Le Maire and his Belgian counterpart Vincent Van Peteghem also said they saw no specific concern for their country's banks, as investors were dumping their financial institutions' shares. Belgian finance minister Vincent Van Peteghem also poured oil on the waters.

☆ Germany must tackle expenditure problem, says finance minister
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: +1 min

BERLIN, March 12 (Reuters) - Germany Finance Minister Christian Lindner said on Sunday he wanted to tackle expenditure in the 2024 budget to fix the country's structural deficit that had resulted from the COVID-19 pandemic and the energy crisis. "We have a massive expenditure problem," he told broadcaster ARD on Sunday. Lindner, of the pro-business Free Democrats, and Economy Minister Robert Habeck of the Greens last month clashed over plans for next year's budget, according to an exchange of letters seen by Reuters. His ministry recently said the draft budget should be ready by June despite the growing tensions. Reporting by Christian Kraemer; Writing by Sarah Marsh, Editing by William MacleanOur Standards: The Thomson Reuters Trust Principles.

"But after years of dithering, the German 5G network is deeply dependent on Chinese suppliers. Huawei, ZTE and China's government reject these claims, saying that they are motivated by a protectionist desire to support non-Chinese rivals. GERMANY LAGGINGWhile several countries across Europe are still formulating telecom policies, only Britain and Sweden have so far banned Huawei and ZTE from supplying critical 5G network equipment. The German government was last month unable to answer a parliamentary request about how many Huawei components operators were using in their 5G networks, filed in part in response to the report. The deadline to remove all Huawei gear from Britain's 5G networks by the end of 2027 remains unchanged.

☆ Germany needs to use all energy options available - FinMin
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

BERLIN, March 1 (Reuters) - Germany needs to use all energy options available to bring down high prices and protect certain sectors of the economy, Finance Minister Christian Lindner said on Wednesday. "We need all colours of hydrogen," the minister said, referring to debate in Brussels about the environmental credentials of hydrogen produced from nuclear energy. "Green hydrogen is scarce and expensive," Lindner said, referring to hydrogen generated from renewable energy. He spoke out in favour of blue hydrogen, produced from natural gas, and red hydrogen, produced from nuclear energy. Lindner said some sectors had no future in the country if energy prices remained at such a high level, which would be "a massive loss".

☆ Protest in Berlin over arming Ukraine against Russia draws thousands
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +2 min

[1/5] People take part in a protest against the delivery of weapons to Ukraine and in support of peace negotiations between Russia and Ukraine, amid Russia's invasion of Ukraine, in Berlin, Germany February 25, 2023. REUTERS/Christian MangBERLIN, Feb 25 (Reuters) - A demonstration against supplying Ukraine with weapons for war with Russia attracted 10,000 people on Saturday, drawing criticism from top German government officials and a large police presence to maintain order. Germany, along with the United States, has been one of the biggest suppliers of weapons for Ukraine. "Negotiate, not escalate" one sign held by a demonstrator said, while a banner in the crowd read "Not our war". "Whoever does not stand by Ukraine is on the wrong side of history," Lindner said on Twitter.

BENGALURU, Feb 25 (Reuters) - G20 finance chiefs have been unable to reach a consensus on describing the war in Ukraine and are likely to end a meeting in India on Saturday without a joint communique, delegates said. Russia, which is a member of the G20, refers to its actions in Ukraine as a "special military operation", and avoids calling it an invasion or war. Host India is also pressing the meeting to avoid using the word "war" in any communique, G20 officials have told Reuters. "We need absolute clarity, this is a war initiated by (Russian President Vladimir) Putin," he said. A senior G20 source said negotiations over the communique were difficult, with Russia and China blocking proposals made by Western countries.

☆ G20 meeting: Germany regrets China's position on Ukraine war
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 25 (Reuters) - German Finance Minister Christian Lindner said on Saturday it was "regrettable" that China had blocked a Group of 20 communique to condemn Russia's war on Ukraine. "But for me it was more important that all the others adhered to a clear position of international law, multilateralism and the end of the war," he said. Lindner was speaking to reporters after a meeting of finance leaders from the world's major economies in Bengaluru. "There was a cautious signal from China," Lindner said. Reporting by Christian Kraemer; Writing by Tom Sims; Editing by Mark Potter and Mike HarrisonOur Standards: The Thomson Reuters Trust Principles.

☆ G20 finance leaders to gauge toll on global economy on Ukraine war's anniversary
▼ + stars: | 2023-02-24 | by ( David Lawder | ) www.reuters.com time to read: +3 min

BENGALURU, Feb 24 (Reuters) - Global finance leaders will tally the economic damage from Russia's war in Ukraine on Friday as they meet on the conflict's first anniversary with some voicing concerns that more sanctions on Moscow would disrupt a modest improvement in growth. U.S. Treasury Secretary Janet Yellen on Thursday highlighted the improvement, saying the global economy "is in a better place today than many predicted just a few months ago". Yellen and fellow G7 ministers on Thursday called for more financial support for Ukraine and vowed to maintain tough sanctions on Russia. German Finance Minister Christian Lindner said the pressure on Russia must be kept high to "completely isolate" Russia's economy. Yellen said the communique was still under discussion and she hoped to see a strong condemnation of Russia's invasion and the damage it has caused Ukraine and the global economy.

Participants at the meeting, however, are likely to focus on the war in Ukraine. The G20 bloc includes the wealthy G7 democracies, as well as Russia, China, India, Brazil and Saudi Arabia. French Finance Minister Bruno Le Maire told Reuters that G20 financial leaders must condemn Russia's aggression against Ukraine and that Europe was working on new sanctions against Moscow. G7 chair Japan's finance minister, Sunichi Suzuki, told reporters that the group would closely monitor the effectiveness of sanctions and "take further actions as needed". German Finance Minister Christian Lindner said the pressure on Russia must be kept high to "completely isolate" Russia's economy.

"I think that we have a very good candidate for the World Bank," French Finance Minister Bruno Le Maire said of Banga during a news conference at the G20 finance leaders meeting in India. The comments marked a turnabout from Tuesday, when Germany's international development minister, Svenja Schulze, who represents a different party in Germany's coalition government, said the next World Bank chief should be a woman. The G20 ministers meeting is being held on the outskirts of the Indian tech hub city of Bengaluru. 'UNIQUE SET OF SKILLS'The United States, the lender's dominant shareholder, has chosen every World Bank president since the founding of the institution at the end of World War Two. World Bank staff are bracing for Banga to make some management changes at the bank, emboldened by Yellen's repeated calls for "bolder and more imaginative" action by the bank, two bank sources told Reuters.

☆ Germany signals support for U.S. pick to lead World Bank
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 24 (Reuters) - The German government has signalled its support for the United States' nomination of Ajay Banga for president of the World Bank, with German Finance Minister Christian Lindner calling Banga's nomination a "very remarkable" proposal on Friday. U.S. President Joe Biden nominated former Mastercard Inc (MA.N) CEO Ajay Banga to lead the World Bank on Thursday, betting the India-born executive's ties to the private sector and emerging markets will jump-start the 77-year-old institution's overhaul to better address climate change. The finance minister added that Germany would follow the nomination with "great attention" and expressed "sympathy" for the proposal. French Finance Minister Bruno Le Maire had also previously showed support for Banga's nomination. Reporting by Christian Kraemer, Writing by Maria Martinez, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

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