Monthly Archives: May 2011

Merkel wants to put behind Draghi as ECB President – WSJ

BERLIN (Dow Jones) – Chancellor Angela Merkel (CDU), according to informed sources, the candidature of Mario Draghi as the next President of the European Central Bank (ECB) support. Merkel had come to the conclusion that there was no viable alternative to the Italian central bank governor, said people familiar with the processes.

Because the Chancellor, however, negative reactions to a possible ECB President of Italy fear in the German media and in parliament, Merkel has not yet made public its position. A public opinion but could be soon.
On Tuesday, French President Nicolas Sarkozy had openly advocated the nomination Draghi as ECB president, also Spain and Portugal now have signaled approval. Jean-Claude Trichet will retire in October after eight years in office as President of the ECB.
The federal government has up to now decided not public, but assumes that the occupation of the post is with German approval. "Without the German agreement no one will get to the top of the ECB," government spokesman Steffen Seibert had said this week at a press conference in Berlin. These details shall be determined "by agreement between Germany and France."
Bundesbank President Axel Weber had long been considered the leading candidate for the ECB’s top job. In March, Weber, however, dispense with an application and this due to lack of support in politics.

All liquids in hand luggage on flight controls

CDS-05_RGB_K_JPG BRUSSELS (Dow Jones) – The 29th actually from April provided relief in the control of liquids in hand luggage, there will be flight time being. EU Transport Commissioner Siim Kallas on Friday called on Member States, the corresponding new rules do not apply for the time being. (Photo: Fraport)

In recent days a growing number of Member States have communicated that they want to control for security and liquids on, which were bought in duty free shops in third countries. These controls should be transferring to other flights at EU airports as of Friday actually dispensed.

The Commission wants to avoid that confusion arises in passengers, which is controlled at airports such as, Kallas said: "My main goal is to facilitate the lives of air travelers is." The Commission will now examine the situation together with the Member States and the United States, because of the checks were particularly affected transfer passengers on their way to or from the United States. The EU countries should control more of the same, "to passengers to travel with security," said Kallas.

Until Thursday, France had officially informed the Commission that the proposed facilities would not be granted for safety reasons. Several other Member States had indicated, according to a Commission spokesman informally like.

The facilities for transfer passengers were from the EU as an intermediate step on the way to 29 April 2013 was decided when the applicable requirements for carrying liquids are due to expire in general. Currently, only liquids may be up to 100 milliliters from outside the airport brought in hand luggage through security checks in the EU, and even if they are packed in transparent bags. This rule was introduced in 2006 for fear of attacks with explosives camouflaged as a liquid.

DJG / frh / dok

ECB wants to introduce "Loan-by-loan" test within 18 months

Copy of EZB - Foto_Koch_2010-07-11 055FRANKFURT (Dow Jones) – The European Central Bank (ECB) wants an already agreed in principle closer examination of certain securities that are submitted as collateral for monetary policy operations, introduce within the next 18 months.
(Photo: Koch)

As the ECB announced on Friday, with real estate mortgages are deposited securities (CMBS) and on transactions with smaller enterprises (SME)-based papers in future be reviewed on an individual loan level (loan-by-loan). Until the scheme comes into force, wants the ECB to accept these documents as before without a single credit check.

Green-red and Stuttgart 21: Much money, little station – SPIEGEL ONLINE – News – International

Stuttgarter Hauptbahnhof: Unterirdische Debatte

Green-Red was found near Stuttgart, 21, a compromise formula. But if the project fails, will train no choice: it must sue for damages in the billions. Then it is really expensive for Baden-Württemberg – and the country still has no good station.

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Hamburg – In the solution of problems similar to Rüdiger Grube Chancellor Angela Merkel: The Railway boss thinks conflicts from the end. He wonders how a solution will look like in the face of opposing views does play, his options through – and usually opts for the alternative that he considers most reasonable.

This pattern was mine, even after the state elections in Baden-Wuerttemberg. With the Greens the most widely respected anti-Stuttgart-21 team has won the election, it is sufficient for a majority but only with the We-are-in principle-by-the-underground-station-SPD.

The train chief was clear that both parties would find, given their differences in a Formula compromise that postponed the final decision on the massive infrastructure project. Accordingly, he did not believe in simply continue building to run so with a thick head against a wall in doubt even thicker. Also, a muddling through for him was not a viable alternative. The railway would then have to put under-take further potter above ground to prevent it from striking.

More cooperation than confrontation

Mine thought it was tactically wise to send a signal of cooperation. He explained why End of March, a de facto building freeze. Without losing anything really – except for a few million and pleasant side effect, the bogeyman role – was able to show the manager that you can talk to him about almost everything.

By 12 May, the day is to be elected at the Winfried Kretschmann in Stuttgart for the first Green Prime Minister manages the Group no new facts. According to the company by incurring a cost of 10 to 20 million €. Peanuts with a 4.5-billion-euro project.

In two weeks the deadline expires. In the future the railway will put more on cooperation than confrontation. "We will not build Stuttgart 21 when the state government, the project will not partout" – this sentence can not top web quote officially to hear he is on the upper floors of the headquarters in Berlin, though.

Baden-Wuerttemberg have to pay the costs themselves

However, the compromise has its price. First, will the web has a rapid "Hopp oder Top" – decision. By its own calculations, a one-year stop the building costs already up to 400 million euros. That doing nothing is more expensive, has a simple background: Because the construction work is more complex, increasing the number of highly doped orders.

Second, Grube’s motto is: who blows off Stuttgart 21, is possible down to the last cent to pay for the damage. He could also say: "Dear government, give us 1.5 billion euros, and we put everything together good." This lush amount invested by the Railway claims to already in the project.

It is made up as follows:

  • In 2001, the company huge Railway land to the City of Stuttgart sold. Price when 420 million euros. At the same time, the Group undertook to free the region by 2012. There will establish a new urban district. If the Stuttgart main station in the future instead of running under the ground, the tracks are soft but not worldwide. The railway would have to buy back the land – but pay according to the contract an additional 5.5 percent interest per year. That would be 2012 – an unwelcome effect of compound interest – already 720 million euros.
  • So far, the path around 600 million euros in the Planning and construction invested Stuttgart 21 and the new route to Ulm. At least the cost of the underground station would reclaim the car.
  • In addition, the group from a municipal airport Construction cost subsidy in the amount of 100 million euros obtained. That he would have to pay back.
  • Join Other costs – Including further land purchases – which by the company on 100 to 200 million € be quantified.

It’s quite possible that the calculated path of its more than 1.5 billion € zurückbekäme not in its entirety. charged that the country in a withdrawal from the project damages of at least one billion euros would have to apply, however, as identified by experts.

application and in all probability would have to Baden-Württemberg that amount alone. Because the country can not even get out of the mega-projects actually. The contracts include a clause is not available. Not even in the event that the government changes or the causes of the dispute agreed stress test for the station further costs.

The whole thing is even more complicated. About Stuttgart 21 monitors, a steering committee, sitting in the train, the federal government, the country, the city of Stuttgart and the Stuttgart region, several financiers of the project. This body can make decisions only by unanimity. This also applies to off – the negative attitude future green prime minister out, Possible results of a stress test and a referendum ago.

Mine can not do otherwise

Wanted to get off the land, it would have the consent of the other parties – particularly by train – buy expensive. This would have quite absurd. Currently share the cost of Stuttgart 21 in the amount of 4.1 billion EUR roughly as follows:

  • German Railways: 1.47 billion euros
  • Association: 1.23 billion euros
  • Country: 820 million euros
  • City of Stuttgart: 240 million euros
  • Stuttgart Airport: 230 million euros
  • Verband Region Stuttgart: 100 million €

    That formula means: Should this country a billion euros to pay compensation, this would be more expensive for the red-green government as a construction of Stuttgart 21 You would have paid big money, but no new station.

    Exit costs of 1 to 1.5 billion euros also mean: Will the cost of the project at the current maximum estimated 4.5 billion euros, is accrued to a third of the total already. And there are the expenses for the recovery of Status quo ante in the center of the town, and the income restoration of the terminus station, not even counted.

    And whether the green-red bill, "No Stuttgart 21, yes to the new route to Ulm is a success is questionable. Because their connection to the terminal station is not even begin to secure. Not to mention the cost entirely.

    The hope that the web is still some way back down, is also deceptive. That CEO mine lives in Stuttgart and the company is still 100 percent in federal ownership, is – although it is obvious – no help.

    With a bit of local color and a little "left State pocket, right pocket state" the problem will not be solved. The railway is a public company that is 100 percent owned by the federal government. And the CEO of a corporation is – as Chancellor and Minister to the country – committed to prevent harm to the company.

    Mine would enter a deal at the expense of the railway, saying that is the future prime minister, "Come on, we blow pays 21 from Stuttgart, and the path to foot the bill," he would probably not only loose his job as CEO. He would at worst damage claims threaten.