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Friday, November 20, 2009

Schauble: Self-supporting Recovery Is Far Away

By Polya Lesova

MarketWatch Pulse

FRANKFURT -- German Finance Minister Wolfgang Schauble said Friday that the global economy is far from a self-sustainable recovery. "It's too early to say we're beyond the crisis. We're still quite far away from a self-supporting [economic] recovery," he said in a speech at the Frankfurt European Banking Congress. "Problems in the banking sector are far from being sorted out." Schauble also talked about the resposibility of bankers to society and the need for values such as honesty in the banking world. "We need a change in direction. We need an economy based on societal values," he said. "We do need bankers who care that more than one billion people suffer from hunger." The global financial system should not be just a catalyst for maximizing profits, but it should also contribute to the equal distribution of wealth, he said. Speaking about Germany, he also said that "selective tax relief will create incentives to boost consumption and investment." Schauble further said that Germany is committed to reducing the federal budget deficit starting in 2011.

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