Skip to comments.Germany Accuses US of Indirectly Manipulating Dollar ( Financial Stability Board)
Posted on 10/23/2010 2:40:31 PM PDT by goldendays
Germany Accuses US of Indirectly Manipulating Dollar
German Economy Minister Rainer Bruederle on Saturday took issue with what he called a U.S. policy of increasing liquidity, saying it indirectly manipulated exchange rates.
The U.S. Federal Reserve is widely expected to embark on a fresh round of asset purchases to prop up the economy.
"There was criticism of the American policy of monetary easing, or creating more liquidity," Bruederle said after a meeting in South Korea of finance officials from the Group of 20 economic powers.
"I tried to make clear in my contribution to the discussion that I regard that as the wrong way to go," he said.
"An excessive, permanent increase in money is, in my view, an indirect manipulation of the (foreign exchange) rate."
Foreign exchange rates should be determined by markets, said Bruederle, who was attending the G20 meeting in place of Germany's hospitalised finance minister.
Bruederle said he was positively surprised by the results of the meeting, which he said surpassed expectations.
There were intensive discussions at the meeting about a letter from the U.S. Treasury Secretary calling for action in tackling foreign exchange and trade imbalances, Bruederle said.
Geithner's focus was on China, but Germany, Japan and Korea were also in focus, Bruederle said, adding that he regarded the U.S. plans as having "planned economy elements."
? Bundesbank President Axel Weber, who is also a member of the European Central Bank's Governing Council, said regulators were in the final stages of bank regulatory reform and it was now up to lawmakers to implement the new rules soon.
Solutions were still needed for dealing with system-relevant banks, Weber said, adding that these should include an orderly insolvency mechanism.
The Financial Stability Board (FSB) should make proposals for dealing with such system-relevant banks by next summer at the latest, Weber added.
A list of institutions represented on the FSB can be found here .
The FSB is chaired by Mario Draghi, Governor of the Bank of Italy. Its Secretariat is located in Basel, Switzerland, and hosted by the Bank for International Settlements. http://www.financialstabilityboard.org/
Hey! Don’t blame us! It was you Germans that were pimping Obama back in 2008!
SEOUL A global regulatory body has agreed a broad plan to tighten supervision of big financial institutions blamed for triggering the 2008-9 economic crisis, a senior South Korean official said Thursday.
The Financial Stability Board has agreed on "broad directions" for regulating so-called systematically important financial institutions (SIFI), Financial Services Commission chairman Chin Dong-Soo told a briefing.
Chin said FSB members had made an informal agreement and "conclusions will be reached" when the body holds a full meeting in Seoul next Wednesday.
The FSB, which was created last year by the Group of 20, will report its recommendations to a G20 summit in Seoul on November 11-12, Chin said.
He said the summit will "be remembered as a breakthrough event to lay out a new global financial order... including Basel III."
Top central bankers meeting in Switzerland in September agreed a set of new bank regulations, called Basel III, aimed at preventing a repeat of the financial crisis. The Basel Committee on Banking Supervision will meet in Seoul next Tuesday.
Nations have been torn over how to tighten regulation of banks and other big financial firms blamed for causing the financial rout.
Emerging economies have argued their fledgling financial institutions are not culpable in the recent crisis and cannot afford new restrictions, while advanced countries have advocated the plan more strongly.
Chin said FSB members were discussing how to define global SIFIs, which would face stricter rules than smaller firms with less global influence.
They will also discuss expanding communications between regulators in countries where big companies are headquartered and other nations where they have branches, he said.
"The new rules on SIFI will make great contributions to stabilising the global financial system.... We have made great efforts to make developing countries' voices reflected in the process," he said.
Yea, we haven’t forgotten the creepy Nuremberg style rally in Berlin.
global financial system .next come a global financial tax
he was right
G-20 Ends US Economic Sovereignty
Hannity, Morris Agree with Conspiracy People About New World Order
You mean, governments shouldn’t manipulate their currencies? Awwwwww....
Dear Deutschland..... STFU. When we think we need your input we’ll ask.
Until then. Go away.... and brew some beer.
P.S. - your damn lucky we didn’t take all your hot chicks
back to the U.S. and leave you all the one’s that look like Frau Merkel.
“Dear Deutschland..... STFU. When we think we need your input well ask.”
That war ended over 65 years ago, most of the people alive then are dead. Get over it. The Germans are right, Turbo Timmy and the Fed are intentionally devaluing the dollar which is playing hell in other countries by pushing up inflation in all of our trading partners. If you think this is a good thing then you’re nuts, unless you like your wealth being destroyed while they give yet another pass to the Banks. Oh and Germany never really had any hot chicks, they all look like Frau Merkel IMHO, now those Russian chicks, yeow! ;)
I love it! Unfortunately, it’s true.
Is America still even a sovereign nation?
BS, It was the Pimps in YOUR DEMONCRAP party who STAGED that whole rally BS!
AND then YOUR dunmba$$ voters bought BUTTMA's crap HOOK LINE & SINKKER.
NOW YOU have this dog crap OBUTTMA on your shoes but it's Germany's fault?
YEA, I'm sure the home grown HOT chicks you had here, ALL looked like MOOOchelle, Rosie O'Dumptruck & WOOPIE "cushion" GOLDBERG . OBUTTMA is yo boy! At least Hitler had a cool mustache!