Word: germanics
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...Andreas Schmitz, head of the Association of German Banks, says "it's not up to the state to decide what banks pay their employees or managers." But like other issues on the table in Pittsburgh, this is a battle bankers are likely to lose. In a speech on Wall Street on Sept. 14, the anniversary of the failure of Lehman Brothers, President Barack Obama warned the banking industry not to fight reform. "We will not go back to the days of reckless behavior and unchecked excess at the heart of this crisis, where too many were motivated only...
Read: "'Much Work' Ahead for German Chancellor Merkel...
...matters of business and finance, Westerwelle is far from sharing France's passion for government meddling. Indeed, his calls for German tax cuts and fiscal restraint to bring down the budget deficit is diametrically opposed to Sarkozy's plans to spend his way out of the crisis with a new gigantic government-bond issue. Still, when it comes to Germany's relationship with France, Joannin of the Robert Schumann Foundation points out that the Chancellery rather than the Foreign Ministry usually calls the shots. (Read: "Guido Westerwelle: Angela Merkel's Unlikely Partner...
...business community there is clear support for a closer relationship. Claude Bébéar, who heads the Institut Montaigne, is a former CEO of insurance giant Axa and a formidable corporate power broker. At a recent panel discussion in Paris, Léo Apotheker, the CEO of German software firm SAP, endorsed many of the institute's ideas and lamented that the recent financial crisis "showed the nonexistence of Europe." He also advocated merging the French employers' association Medef with its German counterpart, the Federation of German Industries...
...last time there was a push for deeper integration, it came from the German side, in the form of a 1994 paper authored by Wolfgang Schäuble, a close confidant of then Chancellor Kohl, and Karl Lamers, then foreign-affairs spokesman for Merkel's Christian Democratic Union. They outlined a new "core" Europe in which France and Germany would make up the inner "core of the core." The French never formally replied to that proposal. That was "a mistake," says Jean-Pierre Jouyet, the former French Minister for European Affairs who now heads the national stock-market regulatory agency...