German Finance Minister Lars Klingbeil has firmly rejected the idea of eurobonds. In an interview with the “Frankfurter Allgemeine Zeitung” he said, “As Germany’s finance minister I will always stand for stability”. He acknowledged that the debate over eurobonds is evolving but pointed to “more nuanced” statements from Deutsche Bank chief Christian Sewing and Bundesbank president Joachim Nagel. Nagel had recently abandoned the Bundesbank’s earlier rejection of community debt in the EU. Klingbeil, however, stressed that the federal government’s position remains unchanged and that there is “no current need for a different position” since sufficient funds are available in the EU. In this key debate the Finance Ministry and the Bundesbank therefore hold fundamentally different views.
Klingbeil also made strong comments about a potential takeover of Commerzbank by Italy’s Unicredit. “What we experienced from Unicredit toward Commerzbank was unfriendly” he said. The government continues to support Commerzbank’s independence and rejects any hostile takeover. He is in agreement with the Chancellor on this point. The minister added that Germany is generally in favour of a European banking union, but the critical factor is how this is carried out.