Brexit clarity helped Germany avert recession: German economy minister

1036
Brexit clarity helped Germany avert recession: German economy minister

German Federal Minister of Economics Peter Altmaier believes that everything will be fine: Brexit, the economy, the grand coalition. 

Whether Brexit or a trade war with the USA: For Peter Altmaier, the biggest concerns of the German economy have vanished for now.

Increased clarity about Britain’s planned departure from the European Union has helped Germany avert the danger of a recession, Economy Minister Peter Altmaier said in remarks published on Friday.

Altmaier also said he expects trade tensions between the United States and the European Union to ease. Donald Trump and the European Commission have imposed tariffs on traded goods and the U.S. president has threatened to impose levies on European cars and car parts.

“I don’t think that the U.S. president has a big interest in having a trade war with Europe one year before the election,” Der Spiegel quoted Altmaier as saying.

SPIEGEL: Minister, after the British general election it is clear that Brexit will come at the end of January. Does this threaten the German economy with new turbulence, perhaps even a recession?

Altmaier: It doesn’t look like it. The British decision to leave the EU is still unfortunate, but now we have the chance of an orderly Brexit with a contract and a transition period. The EU and the UK now have around a year to reorganise their future relationships. We want Britain to remain an important partner of the EU in the future.

SPIEGEL: Can the negotiations be completed in a year?

Altmaier: We finally have clarity. I know Boris Johnson from my time as Chancellor. He is a highly intelligent politician who is interested in a good relationship with Germany and the EU. So I am not afraid of the negotiations.

SPIEGEL: So far, he has rather given the impression that his Brexit plans are similar

Read more at Der Spiegel LINK.

Peter Altmaier heads the Federal Ministry for Economic Affairs and Energy, prior to that he was Minister in the Chancellor’s Office and has been acting Federal Minister of Finance since 24 October 2017. Altmaier has been a Member of the German Bundestag since 1994.

Support Labour Heartlands

PLEASE HELP US KEEP GOING AD-FREE

This is a "Pay as You Feel" website.

Hey there! Thanks for stopping by. If you've enjoyed reading the articles on Labour Heartlands so far, We would be incredibly grateful if you could consider making a small donation. Labour Heathlands is not your typical news outlet. We are not here to simply regurgitate the daily news cycle, that's for the rest of them. Our focus is on delving deeper, uncovering the untold stories and shedding light on the issues that the mainstream media chooses to ignore.

Our unwavering commitment to journalistic integrity means that we are not influenced by any external forces. We are not beholden to PR companies, advertisers or press barons, and we refuse to let anyone dictate what we report on. Our editorial independence is sacrosanct, and our only allegiance is to the truth.

While we do not align ourselves with any particular political party, we stand firmly against corruption, injustice and the erosion of truth and the rule of law. We believe that accurate information is the lifeblood of a democracy and that facts are not up for debate.

Once again, thank you for your support – We truly couldn't do this without you!

PLEASE HELP US KEEP GOING AD-FREE