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Banking Association : not yet overcome economic and financial crisis

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2010-08-26_Manfred Weber_ddp BERLIN (Dow Jones) – The Federal Association of German Banks (BdB ) has against the background of high growth in the second quarter warned to regard the international economic and financial crisis has been overcome . ( Reuters photo 🙂

"The current constitution of the German economy is excellent. In the second quarter of economic growth almost reached ‘ Chinese dimensions ‘we will not be able to hold permanently , " the Executive BdB board member Manfred Weber said on Thursday the latest economic report of the Bankers Association in Berlin.
" This should be for the second half , therefore already looming slowdown in the economic development of warning to consider the financial and economic crisis in Germany as done , "the BdB warned in the report. The European sovereign debt problem – with a sustainable , further reducing time and effort needed – must be seen as part of the results chain , which had resulted from the financial and economic crisis. "In many developed countries to take even longer to clean up the structural growth problems, " said BdB . This goes hand in hand with lower growth.
Weber emphasized that it was anticipated that the recovery in Germany could not go in the record pace could . In addition to catch-up effects in the building trade , economic growth would last oversubscribed , will diminish significantly in the coming months, the global economic momentum for the German economy. "A descent into a renewed recession is not to be feared , " Weber made clear . For it, " the starting point is to be stable ". The banking association, which so far just over 2% growth for 2010 would have expected a revised forecast for growth for the current year and for 2011 on 16 published September, announced Weber.
The German economy is currently in good shape so well , because in the past decade, far-reaching economic reforms were launched. "It would be fatal if you are now resting on its laurels , "warned the banking association . Above all, the good economic development should not be taken as an opportunity from the planned consolidation of public finances to move away .

Website: www.bankenverband.de/
– By Andreas Kissler , Dow Jones Newswires
+49 ( 0) 30 2888 4118, andreas.kissler @ dowjones.com
DJG / ank / kth / ISJ