Europeans with Barack Obama

The dispute between the U.S. and the EU have increased spending for the economy has the highest political level. Chancellor Merkel and French President Nicolas Sarkozy rejected the request from U.S. President Obama back more money to support economic output.
“The problem is not to spend even more money,” Sarkozy said after a Franco-German ministerial meeting. At the meeting of the major industrial nations (G20) in early April in London it must, above all, a stronger regulation of financial markets go.

At G20 Summit now threatens a fundamental dispute over the financial and economic policy. Actually, the Europeans had of Obama’s first European trip as president to start a new enhanced cooperation after the end of the era of George W. Bush hoped. Obama, however, under pressure, his economic program successes to show.

On Wednesday he said the allies of the United States contributed to the boom is not enough support. The U.S. had a very aggressive action. “It is very important to ensure that other states in the same direction,” said Obama. If the downturn in the global economy further, this also raises the U.S..

U.S. Treasury Secretary Timothy Geithner had demanded that all the G20 members in 2009 and 2010 two per cent of their gross domestic product for economic support measures output. Japan’s Finance Minister Kaoru Yosano on Thursday turned to the side Geithner.

“We agree with that,” Yosano told the Financial Times. Obama spokesman Robert Gibbs stricted on Thursday, however, that we expect from the meeting in London not down to certain percentages.

In a joint Franco-German declaration, however, the discussion should not only short-term programs. You also need the automatic stabilizers and others since the beginning of the crisis, decided to take into account expenditure. The European social system guarantees its citizens a better supply such as unemployment and retirement as U.S. citizens and can thus government spending in a downturn are rising.

The EU countries want to improve their overall efforts in the draft final declaration of the Brussels summit late next week to defend. “Although it will take some time before the positive impacts on the economy, the extent of fiscal stimulus effort (approximately 3.3 percent of EU GDP, or over 400 billion euros) to generate new investment, the demand and jobs create, “says the declaration, whose draft FTD exists.

Next show is Europe’s governments in the agreed language regime “prepared to participate in the doubling of resources for the International Monetary Fund (IMF) from 250 to 500 billion dollars with a European contribution from 75 to 100 billion dollars to participate. However, these figures are not yet familiar with all EU governments, a final agreement is only expected at the summit. Like the Europeans on the U.S. claims to respond to IMF resources even $ 750 billion to build, is still unclear.

Germany and France have a concern that the U.S. and Britain, a detailed economic discussion at the G20 summit could use clear decisions to stabilize the financial markets. In German government circles, it was the British Prime Minister Gordon Brown is under pressure from the financial economy, overly strict rules to avoid.

Cyclical programs could “under no circumstances replace the necessary regulatory,” said Merkel. Merkel pointed out that Brown at the meeting of the European G7 countries in February of the EU’s stance on tighter financial rules subscribed. Clear decisions will also be “the expectation of the people in our countries.” In the joint declaration is also a regulator of all hedge funds with systemic importance demanded, which in the U.S. and Britain also skeptical seen.

Even in the EU statement, the European interest in better financial market rules, agreements on crisis management and supervision stresses. In a separate “agreed language regime” for the G20 meeting to stress the 27 heads of state and government also have the priority “to restore the functioning of credit markets and the facilitation of the loan flow into the economy.”

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