Business and Economics
Deutsche Bank: New Chief Financial Officer Faces Losses (Welt): Goldman-Sachs-Manager Marcus Schenck will be the new Chief Financial Officer of the Deutsche Bank. At the same time, Germany’s largest financial institution announced losses of €92 million.
Consequences of the Sanctions: German Exports to Russia Collapse (Spiegel): The European sanctions against Russia have had an impact on the German trade balance. In august, exports to Russia dropped by more than a quarter.
Stricter Inspections: New Supervision Will Be Harder on Banks (FAZ): German banks will have to undergo more intensive and stricter inspections. Among other requirements, the ECB will inspect the banks’ business models and stipulate higher assets.
Foreign and Domestic Policy
Europe Strives to Overcome Its Dependence on Russian Gas (NYT): Much of Eastern Europe has been historically vulnerable to cutoffs of gas, oil, or coal by Moscow, and this situation has become urgent during the crisis in Ukraine.
Vice Chancellor Gabriel Meets With Vice President Biden (German Information Center): German Vice Chancellor and Federal Minister for Economic Affairs and Energy Sigmar Gabriel met with U.S. Vice President Biden on Wednesday, during a four-day visit to the United States.
Agreement between CDU and CSU: Tolls Will Only Be Charged for Federal Highways (SZ): The CDU and CSU seem to have found a solution to their toll problem. Foreign drivers will be charged, but border regions might become subject to special arrangements.
Making the German Armed Forces More Attractive (FAZ): 41 weekly working hours, bonus payments, and increased wages are among the latest measures to try to make the German Bundeswehr a more attractive employer. The government approved a bill introduced by the German Secretary of Defense Ursula von der Leyen (CDU).
Society, Culture & Politics
Berlin Conference on the Syrian Refugee Situation (Germany Information Center): “The reason of this conference in Berlin today is intended to be an expression of solidarity – an expression of our solidarity with the refugees, but also an expression of our solidarity with the host countries, especially with Lebanon,” said Foreign Minister Steinmeier in Berlin on October 28.
An Immigration Country that Discriminates Against Immigrants (Welt): Still, immigrants perform poorly in the German education system and job market. The Integration Commissioner of the Federal German Government, Aydan Özoguz, denounces discrimination. Her report on the situation of foreigners in Germany gives little hope for major improvements.
Fall of the Berlin Wall: “We Were Very Lucky” (Konrad-Adenauer-Stiftung): Berlin – divided, reunited, and now federal capital. Eberhard Diepgen, former mayor of Berlin, reflects on the history of the city.
Germany’s Precarious Path to Leadership: As we approach November 9, AICGS President Dr. Jackson Janes looks back on the progress Germany has made since the historic events of 1989 – 1990 as a part of the ongoing Milestones series. As the Wall fell, no one would have thought that Germany would have such an important economic leadership position in Europe, and moving forward, this role is increasingly expanding into a political one as well.
Freedom Cannot Be Taken for Granted: In the latest post in the Milestones series, Dr. Lars Hänsel shares his experience during the Leipzig protests in the fall of 1989, when he studied at the Karl-Marx-University.