By Lea Pachta
As Angela Merkel hosts a key finance summit today — more regulation is firmly on the agenda to protect the euro zone economies. With fears growing in Germany as one of Europe’s biggest economies that German taxpayers are paying for the brunt of the rescue package for the Greek debt crisis, and with the euro continuing to suffer on the world markets, the cost to the German economy is continuing to rise.
German taxpayers are angry that they are bearing the brunt for rescuing debt-laden Greece. Germany has been helping to stabilise the European single currency, the euro, which has fallen to a four-year low against the dollar this week, and taxpayers no longer seem prepared to pay for the mistakes of their EU partners.
Experts warn that the regulation approach proposed by Angela Merkel is seriously flawed and doomed to fail. Christopher Wasserman President of the Zermatt Foundation warns that;
“Regulatory measures proposed at the summit are not going to provide the long term solution which will protect the German economy against the continuing loss of investor confidence. The US is one of the world’s most regulated markets, but it has given birth to the credit crunch one of the deadliest diseases of our time.
"Germany’s policy makers and key decision makers in business urgently need to lay down stable foundations based on a responsible approach to risk. They need to operate under a more transparent and accountable ethical mandate, and this needs to be replicated at EU level in order for investor confidence to return to the Euro zone and instil trust for the common good of both Germany and the EU.”
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