Thursday, September 25, 2008

US to lose financial super power status, say Germany

US to Lose Financial Superpower Status: GermanyBy Reuters 25 Sep 2008 07:39 AM ET

Germany blamed the United States on Thursday for spawning the global financial crisis with a blind drive for higher profits and said it would now have to accept greater market regulation and a loss of its financial superpower status.

In some of the toughest language since the crisis threw Wall Street banks into financial disarray earlier this month, German Finance Minister Peer Steinbrueck told parliament the turmoil would leave “deep marks” on both sides of the Atlantic, but called it primarily an American problem.

“The world will never be as it was before the crisis,” Steinbrueck, a deputy leader of the centre-left Social Democrats (SPD), told the Bundestag lower house.
“The United States will lose its superpower status in the world financial system. The world financial system will become more multi-polar,” he said.
Chancellor Angela Merkel, whose conservatives rule in coalition with the SPD, and Steinbrueck both pushed the Group of Eight (G8) to agree measures to boost financial market transparency during Germany’s presidency of the G8 last year.
But their drive collapsed amid opposition from Washington and London.

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