Germany attacks Britain’s EU Stimulus Plan

On 11/12/08 Steffen Kampeter, the budget spokesman for Ms Merkel’s Christian Democrats, said, ”After years of lecturing us on how we need to share in the gains of uncontrolled financial markets, the Labour politicians can’t now expect us to share in its losses. The tremendous amount of debt being offered by Britain shows a complete failure of Labour policy.” Kampeter’s remarks are just some of the comments expressed by German politicians with regards to Britain’s proposal to get European countries to throw more money at their economies by borrowing more money. Earlier in the week, Germany’s finance minister ridiculed British proposals. He said, “The speed at which proposals are put together under pressure that don’t even pass an economic test is breathtaking and depressing.” The dispute between the two countries is based upon the different nature of the economies. Britain by and large is a service base economy—especially financial services— with very little manufacturing output and requires large injections of cash to offset recession. Germany has a powerful manufacturing and industrial base at the heart of its economy and requires incremental economic solutions. However, in both economies, reducing in interest rates and taxes are the standard means of increasing money supply and kick starting economic growth.

Source: News on December 12, 2008

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