tv German Finance Minister on U.S.- Europe Relations CSPAN April 19, 2019 6:47pm-7:51pm EDT
at the same time let me then ask you about these rumors we have about the formation of a potential german national banking champion. that seems to be a project that runs counter to many of the things you spoke so eloquently about in my question is simple. does a single good argument exist for merging deutsche that is not the similar to trump economic nationalism. >> you have two questions. why does your party have such problems and that turns out to be the nicer one. please. [laughter]
>> i left both questions but i will answer the one. [laughter] i think we should be absolutely aware that something is going on in our rich western countries. to understand the real situation of the aggressive prolific social democratic party in germany or other progressive forces in the western or united states or japan or australia if you might look at that completely different political arena you will find out that there is something that something happened in the beginning of the 20th century which is strange. billions of people are moving up to the [inaudible] they are optimistic as all people were in the 50s and 60s of the last century that they are not the
same money money they can use. in our country people lose confidence about the future. even when they understand their own situation they are not that sure whether this will continue to be so in the next 20, 30 years if they are young enough to think about questions like that and they are not understanding whether this will be the same for the people they are alike or their children and grandchildren and so on. this is something to do with the developments which is coming from globalization and coming from the vast technological progress we have in our countries. i think globalization is bringing growth and wealth to the countries even two hours. i think the technical progress is absolutely necessary that we should use it something which is creating more work for all of us. but we must be clear that anyone
will profit from this development and if i speak to entrepreneurs or people of big brits that say nothing like a free lunch if you believe you can have all this technical progress, globalization and it will be much faster going on as it did in the past without looking that the people of your countries are having a good chance to get their fair share of wealth and that they could have safe life you will not succeed and if you look at less then writes economist books you will find in many cases circumstances in it which we should pay money to those who are the losers of the economic gain but no one wants to get something for being out of the game and want to be free and
have a chance to on their own money to be proud of what they do with their lives and want to have respect and as a democratic society we have to do something which makes it clear for them for this will be the outcome of things. this is my view why this is so difficult and that we have to have new answers which is getting this progressive conflict approach but a society open to the world and open to technical progress and open to progress needs something like stability so that the people understand they have the right to be part of those who went from this development and so my view is that my party should find a way to show that we are ready to run the country and good in the best questions and security and economic
development will be much bigger as will be conservatives. but that that european union will be a good story but we also have the one guaranteeing the social work state and the chance for having your own income by your own labor is something that will be reality for most of the people and in the future if we can manage us you will get enough support for doing so. just to give you one more idea about this we have the highest number of people employed in germany ever. it is 45 million people working and it will increase and at the same time the people lose confidence and if you look at the united states we will find
similar situations if you look at many other countries found similar situations and so we have to get that confidence about the future and if we do this this is what we will have done our jobs and we have chances in the next election. the second question is where you understand myself as professional not to answer about something private companies. >> i will not make a joke. [laughter] at the back mic and then to doug please. >> figure, minister for what i thought was an inspiring and totally worded speech and i work on finance and banking in the institute on what you mentioned that seems to be taken by europe from the experience insurance resulting in viable banks together with my cia colleague
and i was very inspired by what you said about the banking union and there's promising avenues here but i had a framing question for the bait because making union was greeted as many of us remember in 2012 with the state objected the does the imperative to break the [inaudible] for all the progress that has been achieved in banking supervision in relation that this vicious circle between banks and 70s essentially impacts into as it is now and could you specify or explain a bit further to us how your vision continues with reforming's for your being banking framework will achieve that rita objective. >> before you respond, second question. >> excellent remarks.
doug from international capital strategies in brookings. in remarks -- sorry? in your marks you casually mentioned a hope that germany and europe would be able to resolve the ongoing pretensions in the united states and i'm not looking for a roadmap to how that gets resolved and i'm curious how you would define those trade tensions? is not a current question but until the current demonstration decided to potentially include all those of the national security threat there was obviously room under t tip and other trade agreements prospects for improvement of trade between the united states and europe but nobody would have gone so far as to call it e*trade complex and how would you define the current conflict between us and europe?
>> yeah. >> it's difficult to say the debate about trade a discussion about trade going on and i'm happy that we have it in that president trump and the president of germany decided to cooperate and now we follow this part and the only way to do it they are not creating wealth and it's my view on the thing and no one will be the winner so i should we play the game where there is no winner in this case it does not depend on the vote be loses and is not what anyone should have in mind. i said in my speech i think in relation they should be always following the idea that we have common works and intending
people 450 million europeans united states americans will be just a small part and we should understand that the word is becoming better trying to and indonesia and brazil and other big countries of the world where in her share of growth and wealth but we must be absolutely clear on having a word incorporation and no domination and it's the key to solving the question and for the questions of democracy rule of law and so on which are relevant to the united states and european union
there are some things we can defend and possibly have a chance in the world and this is why i think it's a question where we have to discuss interests and always the case but there is something more in the relation 29 states european union and some common values and basic for the things we do. >> in the question of what will be the next steps i think it makes sense to understand no one would've expected that we would have a backstop for this common bond for the big banks in europe and no one would have expected that we [inaudible] this is a big development and now we establish high-level working group which is had by the deputy
administrator to find out solution what will be the next step and at this stage this is the right way to say let's step aside and think about the situation and this is why i mentioned it make sense to look at others have been absorbed a different completely circumstances the questions that are on the table and if we understand this will have a better solution and this is what we do here and it's a optimistic to find out solution and i thought about the question already but i'm so excited establishing a working group does not mean that you have results and you find out something. >> thank you. i believe the lady staying there and this is the last question.
>> its independent american tv network. the question is regarding china and you talk about china in your opening remarks and we have also seen a shift of eu policy on china and it started to recognize china economic editor and also as magic rival. at the same time we have seen that country like italy find the mou with china on the belt road initiative and also join china on the 16 plus one initiative. i'm wondering going forward how do you see that you acting like a whole while facing china's growing influence and maybe try to divide among the european countries. thank you. >> this is a question where you can answer and they may think of
that question that the relatively brief. i would say anyone should accept the european union as effective. china, russia, united states and no one should think there is a chance of dissolution and that we have a strategy that they could have bilateral as a or something like this. it's much better to understand that the european union is one of the practice of the upcoming world and this is the reasons arity mentioned saying we have common values. second, we should wish this many countries grow. it just [inaudible] we wish that
the billions living in other places of common planet have a better life and growth and things like that. the only thing where we should work on when we should be doing the right things and giving great examples as a principal and it is not a question of who is dominating the question of if there is a fair corporation between all the countries in the world visibly. we really believe the end of history is democracy and that this is nothing [inaudible] >> wonderful note to and on. thank you, vice chancellor. this is been a spectacular discussion and thank you for