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Germany blames US for global downturn

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Germany blames US for global downturn


The German Finance Minister Peer Steinbrück has laid the blame for the global financial crisis squarely on the United States and what he called the “Anglo-Saxon drive” for double digit profits.

“The United States will lose its superpower status in the world financial system as the global markets become more multi-polar,” he said.

A view shared by fellow European finance ministers he added.

He was addressing the Bundestag at the end of a Franco-German summit on the world economic downturn and its likely effect on Europe.

The centre-left Social Democrat said it was neither necessary nor wise for Germany to replicate the US bail-out plan to buy up so called toxic assets.

He urged greater state control in setting the rules for markets. He said the system was insufficiently regulated and is now collapsing with far-reaching consequences for the US financial market and considerable knock-on effects for the rest of the world.

He also called for an end to massive bonuses for bankers and company executives.

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