THE TELEGRAPH: German Chancellor Angela Merkel has said Germany will not get into a "senseless" race to throw billions into economic recovery plans.
Staring down critics among her own ranks, Mrs Merkel told her party's annual conference in Stuttgart the world needed a long-term vision – including greater global economic regulation – rather than quick fixes that would burden taxpayers.
"A bidding war ... a senseless race for billions – we won't take part in that," she said.
Germany, Europe's largest economy and the world's biggest exporter, is officially in recession and Mrs Merkel has come under fierce pressure to take bolder steps to spark growth, particularly by cutting taxes.
Although Germany has committed 12 billion over two years to a national package and will contribute to the EU's 200 million package, many analysts say Mrs Merkel is sticking too rigidly to her country's culturally ingrained fiscal conservatism. >>> David Wroe Berlin | December 1, 2008
The Dawning of a New Dark Age (Paperback – USA)
The Dawning of a New Dark Age (Hardcover – USA)
