Bavaria's Finance Minister Markus Södler visits the Big Apple
Markus Södler (CSU), who supports a Greek withdrawal from the monetary union, recently visited New York to explain his ideas to top economic advisors. He outlined that a new bailout fund for Greece would bring no solution to the Euro debt crisis and eventually lead to the downfall of the German economy. However, Söder's attitude was less than welcome in New York, earning criticism from all sides. American banks especially, have a contrasting viewpoint and have demanded more German commitment in the form of further money injections, in order to solve the Euro crisis.
Even though Södler and Wall Street have a different stance towards europe's debt management, they did agree on one particular topic regarding computer managed trading. Both sides support regulation policies, emphasising computer controlled trading on the stock market after a system failure caused heavy interruptions. Södler stated that a computer's algorithm should not be given more power than the expertise of an economist.
Södler's New York visit was also a great success between the Big Apple and Bavaria, regarding cultural exchange. The Minister stood up for plans which would twin New York's Central Park, with the Englischer Garten in Munich, as both parks act as the 'green lung' within each respective city. Södler regards New York as an important trading partner with Munich. The Bavarian culture, for example the Hofbräu beer, is a prime export to America's biggest city.