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3/20/09

guardian.co.uk: Gordon Brown's and US plan for recovery rejected by Germany - by Ian Traynor and David Gow

For the complete report from The Guardian click on this link

Gordon Brown's and US plan for recovery rejected by Germany - by Ian Traynor and David Gow

Angela Merkel, the German chancellor, yesterday opened up a new rift with Britain and the United States ahead of the G20 summit in London when she delivered a blunt rejection of extra fiscal stimulus packages as advocated by Gordon Brown and the Obama administration.

Germany noted it had won the argument with the "Anglo-Americans" over how to regulate and supervise the financial markets. But differences persisted in Brussels, with No 10 insisting the supervision of financial institutions should remain "a national competence". France and Germany demanded "decisive steps towards a European regulatory framework" by June. "The Americans are claiming they are doing a lot more," said a European commission official. "We're telling the US, you need not give us lectures."

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