The German export successes are not the result of some sort of currency manipulation, but of the increased competitiveness of companies. The American growth model, on the other hand, is in a deep crisis.
Wolfgang SchaubleGreece's debts are all denominated in euros, but it isn't clear who holds how much of those debts. For that reason, the consequences of a national bankruptcy would be incalculable. Greece is just as systemically important as a major bank.
Wolfgang SchaubleAt the moment we are facing a whole collection of difficult to forecast developments from the situation in China and the oil-price crash to the worrying news from some banks in Europe and the US. All of that is linked: Worldwide company debt is high and there is a lot of money in circulation. That is why necessary structural reforms are not being made.
Wolfgang SchaubleReligion teachers for Islam instruction are being trained now in Mรผnster and Erlangen. This has to happen quickly. My goal is to achieve relevant results within two years.
Wolfgang Schauble