Consolidation Pay Time To Make
Munich – In view of the euro crisis, the new president of the German Savings Banks Association (DSGV), Georg Fahrenschon, advocates a change of strategy in European financial policy. “The players in the financial markets see the euro as an incomplete currency,” said Fahrenschon to the “Süddeutsche Zeitung” (Thursday edition). “With short-term rescue measures” you create “no confidence”.
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“The euro is right,” stressed the former Bavarian Minister of Finance. All would have benefited, “including Germany in export”. But it had failed to “the euro by binding political rules to create a secure foundation.” A European banking union, in which “the German deposit insurance for foreign shadow and investment banks is liable,” renounced Fahrenschon again. “The EU must not become a liability union,” said the DSGV president.