The overview in brief reports on developments, results and assessments relating to German politics:
The banking industry is critical of the regulation of real-time payments
The German banking industry has criticized the fact that, according to plans by the EU Commission, there should be a legal obligation to offer real-time transfers in the future, which would be at the expense of standard transfers and other forms of payment. The associations of banks and savings banks, which are part of the umbrella organization of the German banking industry, take a critical view of the current regulatory proposals. “This would result in a far-reaching and inappropriate market intervention both in product offerings and in established market pricing mechanisms.” From the point of view of the banking industry, however, there is basically no market failure that would justify regulatory intervention. Almost all banks and savings banks in Germany that have payment accounts already offer their customers payments by means of real-time transfers.
Lindner: There will be no wealth tax with us
Federal Finance Minister Christian Lindner (FDP) has rejected plans to introduce a wealth tax, as expressed by SPD leader Saskia Esken. “We have set ourselves clear guidelines in the coalition agreement. There will be no new tax burdens with us, including the introduction of a wealth tax,” explained Lindner via the short message service Twitter. “This would be at the expense of medium-sized companies, which need to be relieved right now.” Because of the forthcoming German payments for the reconstruction of Ukraine, Esken had pushed for a “solidarity levy on the wealth of the super-rich”.
Lauterbach: Cannabis law will only come after Brussels has approved it
The federal government only wants to continue its plan for the legalization of cannabis on the basis of the key points that have now been developed after a positive vote by the EU Commission. This was announced by Health Minister Karl Lauterbach (SPD). These would be forwarded to Brussels with a request for a “preliminary check”. “If such a preliminary check would clearly show that this path is not viable for the European Commission, then we would not develop a draft law on this basis,” said Lauterbach. The key points approved by the cabinet provide for the acquisition and possession of “up to a maximum of 20 to 30 grams of recreational cannabis for personal consumption in private and public spaces” to be possible without punishment.
SME association welcomes compromise on Cosco participation
The Federal Association of Small and Medium-Sized Businesses supports the compromise on the entry of the Chinese state-owned company Cosco at a Hamburg port terminal. “The 24.9 percent stake strengthens the port as an important European logistics hub and secures the economic connections between Germany and China – but without allowing too much influence on the German infrastructure,” said Markus Jerger, head of the Funke media group. “The German business location needs direct investments. Also from abroad,” stressed Jerger. He warned Germany against turning its back on world trade on principle, whether it was with China, the US or India. “China in particular remains incredibly important for German companies as a sales and production market.”
Pharmacists’ Association warns Lauterbach against cannabis legalization
The head of the North Rhine Pharmacists’ Association, Thomas Preis, warns against the planned legalization of recreational cannabis. “The Drug Commission of German Pharmacists has clearly spoken out against the legalization of cannabis for recreational purposes and has warned of the health risks of cannabis consumption. Pharmacies see themselves in a medical professional conflict with the planned legalization of cannabis,” said Preis of the Rheinische Post. Due to their professional expertise, they are ideally suited to fulfilling the necessary quality standards in the delivery and consultation, on the other hand they are “medical professionals”. The plans of Federal Health Minister Karl Lauterbach (SPD) provide for the purchase and possession of up to 30 grams of cannabis for personal consumption.
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(END) Dow Jones Newswires
October 26, 2022 10:56 ET (14:56 GMT)