News
German Parliament Passes Euro Fund ExpansionFriday Sep 30, 2011
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| Merkel Breathes Sigh of Relief Chancellor Angela Merkel got the majority she needed as German parliament passed the expansion of the euro backstop fund, the EFSF. With fewer conservative renegades than feared, Merkel can breathe a sigh of relief. But with more difficult decisions approaching, the respite may not last. German parliamentarians on Thursday approved the planned expansion of the European Financial Stability Facility (EFSF) with 523 voting in favor, 85 against and three abstentions. The bill's passage is a vital step in euro-zone efforts to increase the fund's lending capacity from its current €250 billion ($338 billion) to €440 billion. Germany's share of guarantees for the fund will rise from €120 billion to €211 billion, though several other euro-zone parliaments must still vote on the expansion. Click here for the full article in the Spiegel. |
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Rescuing the EuroThursday Sep 29, 2011
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| The Fatal Mistakes of Berlin's Bailout Strategy The German parliament is set to approve the expansion of the enormous euro rescue package next week. But this will be a fatal mistake. There is only one reasonable solution to Europe's debt crisis -- and it also happens to be much cheaper. Click here for full article in Spiegel, 23 September 2011 |
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German Economy Eclipses Pre-Crisis LevelsMonday May 16, 2011
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| The German economy grew by a surprising 1.5 percent in the first quarter of 2011 and recorded its largest year-on-year growth since reunification. But the biggest European surprise was further south -- even the Greek economy is growing. Economic crisis? What economic crisis? For Germany, at least, it would appear that the dark days of 2008 and 2009 are now history. According to numbers released on Friday by the Federal Statistics Office, the German economy grew by a surprising 1.5 percent in the first quarter of 2011 -- and the country's economic output has now exceeded the pre-crisis level of early 2008. In comparison with the first quarter of 2010, the economic expansion was the largest year-on-year growth since reunification -- a plus of 5.2 percent. In the calendar year of 2010, the German economy grew by 3.6 percent. Even more promising, the growth was not fueled entirely by exports. The Federal Statistics Office pointed to investments in the industrial and construction sectors as propelling growth. Domestic consumption, long an Achilles heel of the German economy, also drove expansion. "The numbers prove that the German economy is gaining momentum again," said newly-minted Economy Minister Philipp Rösler in a Friday statement. "Germany is the economic engine among industrial nations, and not just in Europe." |
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German boom fuels inflation AngstTuesday May 03, 2011
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| The German economic boom is fueling inflation, and prices are expected to keep rising because of Europe's one-size-fits-all monetary policy. The European Central Bank can't raise interest rates aggressively enough to curb German price pressures because that would hurt the weaker euro-zone economies. More information, click here (SPIEGEL, 3 May 2011) |
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Appointments for Passport and Visa Applicants at Embassy in VancouverThursday Apr 21, 2011
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| Starting May 9, 2011 all passport and visa applicants must schedule an appointment! If you did not schedule an appointment in advance for your application, you have to expect long waiting times. The Embassy in Vancouver cannot ensure that your application may be accepted the same day. Please use their online tool (no fees) to schedule your appointment for visa or passport applications: ONLINE APPOINTMENTS . Appointments may not be scheduled by phone. After scheduling your appointment, you will receive a confirmation by e-mail. Please make sure that you are on time for your appointment. Please also note that passports and visa may only be picked up on the following days (starting May 9, 2011): For further information, pls click here. |
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