Word: eichel
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...that Scandinavian countries put tax receipts efficiently back into the economy by investing in education and infrastructure. How much can other European countries learn from the North? French Prime Minister Dominique de Villepin, for one, acknowledges Nordic influence on some of his social policies. Germany's Finance Minister, Hans Eichel, even invited along his Swedish counterpart, Per Nuder, during last month's election campaign. But Denmark's former Prime Minister Poul Nyrup Rasmussen warned that simply borrowing Nordic policies without adapting them to national conditions would result in "bad karaoke." Still, the survey suggests Europe's biggest economies need...
...might think that voters in France and the Netherlands had rejected the six-year-old European currency rather than the planned new European Union constitution. Propelling the decline was a report--quickly denied--in the German newsmagazine Stern that at a meeting in late May, Finance Minister Hans Eichel and Axel Weber, head of the German central bank, had discussed the prospect of dissolving Europe's monetary union. Weber dismissed the report as "absurd," and most market watchers and economists agreed. "The talk will continue for a week or two, then go away--the euro's here to stay," says...
...Deutsche Bank. That's unusual in Germany, where executives often stay in office if they are under judicial investigation, but excuse themselves if the case goes to court. So far, Deutsche Bank is supporting Ackermann's stance, and others have defended him - including Germany's Finance Minister, Hans Eichel. "Herr Ackermann has our full confidence," Eichel told reporters. Although not directly connected to his bank job, the Mannesmann case typifies the head-on collision between Ackermann's brash style of management and the bank's more cautious German approach. Ackermann, who is Swiss, is the first non-German to head...
...find "clean compromises." But while the players bicker, Germany's projected growth rate for 2003 has been revised down to a mere 0.75%; the number of jobless has swelled to 4.5 million; tax revenues are estimated to be €9 billion less than forecast; and harassed Finance Minister Hans Eichel recently admitted that, for the second year running, Germany would fail to keep its budget deficit below the 3% threshold required for the euro - and he wouldn't be able to balance the budget by 2006, as promised. If the Meisterbrief ever is abolished, analysts say, some new businesses...
...reduction in official and commercial debt, while reparations are expected to be reduced to under $40 billion. Again, this may be an optimistic assumption, and certainly Iraq's creditors are talking a tough line. "We not only expect to get our money back," says German Finance Minister Hans Eichel. "We will get our money back." Germany, France and Russia appear set to drag their heels on debt forgiveness as a way to pressure the U.S. to give the United Nations more of a role in the reconstruction of Iraq...