German Elections in 2013 A look at one of Merkel’s Rivals

Excerpt from the Guardian’s article on Peer Steinbrück

Whether you agree with all of Steinbrück’s positions or not, he has two important qualities that are in short supply in the current climate: he is competent and honest. A former finance minister whose political stewardship during the financial crisis was widely praised even beyond the borders of Germany, he has for instance published a significant paper on reforming the financial sector. His reform proposals include vital elements such as the separation of investment an retail banking, the creation of a bailout mechanism paid for by the banks, the capping of bonus payments, better oversight of hedge funds and the prohibition of speculation with commodities such as crops. He has recently also urged that eurozone crisis countries should be allowed more time to get their economies back on track and has also made comments against excessive austerity: a bold move in the current German political climate.

Steinbrück is also right to accuse Merkel the of not having communicated the real nature of the European crisis: she continues to talk about a sovereign debt crisis even though, apart from Greece, the real macro-economic instability originated in the private sector. And she looks set to continue down this path. In her new year address she warned German citizens about difficult economic times in 2013, conveniently without mentioning her own role in bringing these economic risks about.

via Guardian

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza