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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Henry Volquardsen who wrote (5504)	2/6/2002 4:50:35 PM
From: John Pitera	Read Replies (2) of 33421

Hi Henry, I guess that's one approach... I saw this comment yesterday and it reminded me of how bulky the Euro's Monetary and fiscal apparattus is. Am I reading this note correctly, that the Weimar republic Hyperinflation scarred Germans are finally getting more comfortable with more expansive deficit financing and potentially inflationary techniques? What are your thoughts on that? I know the unions are demanding rate cuts and greater economic stimulus John ----------------------- We heard this morning that Germany is desperately trying to convince some of the EU finance ministers not to accept the European Commission's recommendation to issue warning about the government's deviation from medium-term fiscal targets. Such coercion seems useless when considering that it is no secret that Germany is approaching the 3% deficit threshold of the Stability and Growth Pact, while the European Commission has already thrown its support behind German Finance Minister Eichel's fiscal plan. Not surprisingly however, the German government is sensitive to any potential embarrassment that could stem from an ECOFIN Council warning, particularly with Chancellor Schroeder now trailing Bavarian Premier Stoiber in the polls ahead of the September election. -------------- Union demands At a news conference, the DGB trades union confederation called for an economic stimulus package and lower European Central Bank interest rate to prevent the economy entering "a deep recession". IG Metall deputy chairman Juergen Peters also rejected calls for moderate wage increases in next year's pay bargaining round. IG Metall and Verdi, DGBs biggest members, together represent five million metalworker and service sector employees. news.bbc.co.uk

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