Federal changes required to "sound bankers" and support for SME - Corporate leaders to give contrite
Frankfurt - German President Horst Köhler, the banks in Germany again sharply kritisisert. Six months after the "monsters" in the international financial markets had spoken, although he avoided drastic similar words. He called for a "fundamental renewal". The banks have once again remember that they were primarily managers of savings were entrusted to them. "Do they look back on the virtues of solid bankers," said Köhler, and added with a sideswipe at the increasingly Anglo-Saxon world dominated Financial added: "And I say not aware banker and bankers."
The head of state warned the bank leaders during his visit at an industry conference in Frankfurt before, by their own mistakes off. "In the usual lobbying back to their own share of small talk is no reasonable attitude," said Koehler. The industry had a variety of warnings in the wind and beaten at high yields "seems to be so intoxicated that she was blind to the risks." Now that humility, modesty and decency demanded.
The mood had already been booked, as Kohler traditional Congress in the noble Frankfurt Opera ourselves. Although we put a smile on the joint group picture, but the face of state was seriously schell again, and heads Frankfurt bank most affected, given the tense Wutrede the President of May. After renewed his criticism of the industry in size because of the required humility. "Banks and financial market participants have made mistakes," said Commerzbank chief Martin Blessing. All had a worldwide contributed to excessive indebtedness. However, he warned against over-regulating the industry. Deutsche Bank chief Josef Ackermann called it the "greatest obligation" of financial companies, mistakes of the past to correct them.
Köhler's view from one of them the one that managers can not increase salaries, if at the same time employees are dismissed. Secondly, the banks depositors to stand in the crisis have lost a lot of money. The industry should "absorb hardship cases" and to some into a common fund. "It may not be in the interest of the banks, if the private pension into disrepute," said Koehler. Moreover, he urged the banks to the economic slowdown is not yet terminal through a loan to accelerate: "Let not the middle class in the lurch."
In order to avoid future crises, the Federal urged greater international supervision. "I think it is correct, the International Monetary Fund watchdogs about the stability of the global financial system to be transferred," said Köhler, the IMF from 2000 to 2004 had directed himself. He again urged a "second Bretton Woods." The conference in the U.S. town of 1944 had laid the groundwork for a financial order, which became one of the strongest growth phases of the global economy contributed.
Even the President of the European Central Bank, Jean-Claude Trichet, called for a greater weight of the IMF: The current crisis, stressing that the fund more pulling force to get significant economies need. Bundesbank President Axel Weber warned, however, before too much expectations of regulators and supervisors: It dampened the hopes that it could succeed, a reliable early warning system for possible future crises develop.
Frankfurt - German President Horst Köhler, the banks in Germany again sharply kritisisert. Six months after the "monsters" in the international financial markets had spoken, although he avoided drastic similar words. He called for a "fundamental renewal". The banks have once again remember that they were primarily managers of savings were entrusted to them. "Do they look back on the virtues of solid bankers," said Köhler, and added with a sideswipe at the increasingly Anglo-Saxon world dominated Financial added: "And I say not aware banker and bankers."
The head of state warned the bank leaders during his visit at an industry conference in Frankfurt before, by their own mistakes off. "In the usual lobbying back to their own share of small talk is no reasonable attitude," said Koehler. The industry had a variety of warnings in the wind and beaten at high yields "seems to be so intoxicated that she was blind to the risks." Now that humility, modesty and decency demanded.
The mood had already been booked, as Kohler traditional Congress in the noble Frankfurt Opera ourselves. Although we put a smile on the joint group picture, but the face of state was seriously schell again, and heads Frankfurt bank most affected, given the tense Wutrede the President of May. After renewed his criticism of the industry in size because of the required humility. "Banks and financial market participants have made mistakes," said Commerzbank chief Martin Blessing. All had a worldwide contributed to excessive indebtedness. However, he warned against over-regulating the industry. Deutsche Bank chief Josef Ackermann called it the "greatest obligation" of financial companies, mistakes of the past to correct them.
Köhler's view from one of them the one that managers can not increase salaries, if at the same time employees are dismissed. Secondly, the banks depositors to stand in the crisis have lost a lot of money. The industry should "absorb hardship cases" and to some into a common fund. "It may not be in the interest of the banks, if the private pension into disrepute," said Koehler. Moreover, he urged the banks to the economic slowdown is not yet terminal through a loan to accelerate: "Let not the middle class in the lurch."
In order to avoid future crises, the Federal urged greater international supervision. "I think it is correct, the International Monetary Fund watchdogs about the stability of the global financial system to be transferred," said Köhler, the IMF from 2000 to 2004 had directed himself. He again urged a "second Bretton Woods." The conference in the U.S. town of 1944 had laid the groundwork for a financial order, which became one of the strongest growth phases of the global economy contributed.
Even the President of the European Central Bank, Jean-Claude Trichet, called for a greater weight of the IMF: The current crisis, stressing that the fund more pulling force to get significant economies need. Bundesbank President Axel Weber warned, however, before too much expectations of regulators and supervisors: It dampened the hopes that it could succeed, a reliable early warning system for possible future crises develop.
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