HANNOVER, Germany—Germany's ruling conservative Christian Democratic Union party
closed ranks behind Angela Merkel on
Tuesday with a solid demonstration of unity, boosting her bid for a third term
as chancellor by nearly unanimously re-electing her as party leader. During the
last major gathering of the party before the federal election in September, Ms.
Merkel won 98% of CDU delegates' votes to remain chairwoman. It was her best
result in seven consecutive party leadership elections. German Chancellor
Angela Merkel delivers a speech on Tuesday during the CDU federal party meeting
in Hannover, Germany. Ms. Merkel, 58 years old, is seeking a third term as
chancellor. Her approval ratings are close to 70% and in public-opinion polls, a
clear majority of voters prefer Ms. Merkel as chancellor over her leftist
challenger, Peer Steinbrück of the Social Democrats. The most recent polls give
Ms. Merkel's ruling conservatives a smaller lead of some nine points over the
SPD. Despite Ms. Merkel's popularity, her party, polling at 39%, still not be
able to form a government after the next election. Her junior coalition
partner, the pro-business Free Democrats party, is in a tailspin and has so
little support in opinion polls that the party will struggle to gain enough
votes to win seats in parliament next year. Ms. Merkel's popularity is based on
support by ordinary Germans for her handling of the euro-zone debt crisis. She
has pursued a cautious approach aimed at protecting German interests that is
often criticized abroad as foot-dragging that just extends Europe's pain. In a
one-hour nationally televised speech, she vowed to stay the course. "We have
brought Germany through the crisis stronger than the country was when it began,"
she said. "I want the euro to emerge stronger from the crisis than it was."
Access Investments-Building Awareness - European Union-ROMANIA
Friday, December 7, 2012
HANNOVER, Germany—Germany's ruling conservative Christian Democratic Union party
closed ranks behind Angela Merkel on
Tuesday with a solid demonstration of unity, boosting her bid for a third term
as chancellor by nearly unanimously re-electing her as party leader. During the
last major gathering of the party before the federal election in September, Ms.
Merkel won 98% of CDU delegates' votes to remain chairwoman. It was her best
result in seven consecutive party leadership elections. German Chancellor
Angela Merkel delivers a speech on Tuesday during the CDU federal party meeting
in Hannover, Germany. Ms. Merkel, 58 years old, is seeking a third term as
chancellor. Her approval ratings are close to 70% and in public-opinion polls, a
clear majority of voters prefer Ms. Merkel as chancellor over her leftist
challenger, Peer Steinbrück of the Social Democrats. The most recent polls give
Ms. Merkel's ruling conservatives a smaller lead of some nine points over the
SPD. Despite Ms. Merkel's popularity, her party, polling at 39%, still not be
able to form a government after the next election. Her junior coalition
partner, the pro-business Free Democrats party, is in a tailspin and has so
little support in opinion polls that the party will struggle to gain enough
votes to win seats in parliament next year. Ms. Merkel's popularity is based on
support by ordinary Germans for her handling of the euro-zone debt crisis. She
has pursued a cautious approach aimed at protecting German interests that is
often criticized abroad as foot-dragging that just extends Europe's pain. In a
one-hour nationally televised speech, she vowed to stay the course. "We have
brought Germany through the crisis stronger than the country was when it began,"
she said. "I want the euro to emerge stronger from the crisis than it was."
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The Bundesbank now expects growth of 0.7% this year, down from 1%.
In 2013 it expects growth of just 0.4% (not a typo), down from 1.6% previously. It also predicts stronger growth in 2014, with GDP expanding by 1.9%.
The Bundesbank said it was clear that the core of the eurozone was now feeling the full impact of the downturn in the periphery, saying: Given the difficult economic situation in some euro-area countries and widespread uncertainty, economic growth will be lower than previously assumed. The Bundesbank does not see a protracted slowdown but instead anticipates a return to growth path soon.
It also admitted that the current slowdown could turn into a full-blown recession, saying: There are even indications that economic activity may fall in the final quarter of 2012 and the first quarter of 2013,
The gloomier forecasts come just a day after the European Central Bank slashed its own economic forecasts.
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