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Wilfried Kurtzke

Answers of IG Metall to the Financial and Economic Crisis - Protection of Jobs - Stabilisation of the Economy - Shaping the Future. Wilfried Kurtzke. Reasons of the Financial Crisis. Excess of capital caused by a wrong income distribution Deregulation of financial markets

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Wilfried Kurtzke

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  1. Answers of IG Metall tothe Financial and Economic Crisis- Protection of Jobs- Stabilisation of the Economy- Shaping the Future Wilfried Kurtzke

  2. Reasons of the Financial Crisis • Excess of capital caused by a wrong income distribution • Deregulation of financial markets • Securitization of credits –a huge risk for financial markets • Worldwide imbalances –the stimulation of speculation Study visit of the group of impartial chairmen (OpO, Sweden) 09-10-01

  3. Reasons of the Financial Crisis Worldwide development of Gross Domestic Product (GDP) [blue bar] and financial capital [red bar] Study visit of the group of impartial chairmen (OpO, Sweden) 09-10-01

  4. Economic Framework • Cyclical decline • Financial market crisis influences the producing economy • Too high dependence of foreign trade • Weak domestic economy Result: massive collapse of foreign demandlead to a heavy recession in Germany Study visit of the group of impartial chairmen (OpO, Sweden) 09-10-01

  5. Economy Faces Deep Crisis Study visit of the group of impartial chairmen (OpO, Sweden) 09-10-01

  6. German Economy Faces a Deep Crisis Study visit of the group of impartial chairmen (OpO, Sweden) 09-10-01

  7. German Economy Faces a Deep Crisis Study visit of the group of impartial chairmen (OpO, Sweden) 09-10-01

  8. German Economy Faces a Deep Crisis Study visit of the group of impartial chairmen (OpO, Sweden) 09-10-01

  9. Crisis Reaches Labour Market Study visit of the group of impartial chairmen (OpO, Sweden) 09-10-01

  10. Crisis Reaches Labour Market Study visit of the group of impartial chairmen (OpO, Sweden) 09-10-01

  11. A Sharp Decline of Orders Study visit of the group of impartial chairmen (OpO, Sweden) 09-10-01

  12. Production Collapses Overall Study visit of the group of impartial chairmen (OpO, Sweden) 09-10-01

  13. Economy is Going Through the Trough Study visit of the group of impartial chairmen (OpO, Sweden) 09-10-01

  14. No dismissals –the agenda of IG Metall against the crisis • As an answer to the crises in November 2008IG Metall released seven points in orderto protect employment and to stabilise the economy • No dismissals • Protection of temporary working persons • Corporate financing must be guaranteed(by banks and the government) • Stabilising private demand by „cash for clunkers“ (2500.- Euro for an at least 10year-old junk car) • Stabilising private demand by „consumption cheques“ • Public Future Fund „Work - Education - Environment“ • Increase of participation of workers and employees Study visit of the group of impartial chairmen (OpO, Sweden) 09-10-01

  15. No dismissals –the agenda of IG Metall against the crisis Still facing the crises in March 2009 IG Metall created another action program Leaving the crises actively behind –united for good working and living conditions 1. Protection of employment in the producing economy 2. More democracy in the economy, i.e.more participation for the working class 3. A stronger regulation of financial markets 4. The costs and burden of the crises should be paid by the wealthy Study visit of the group of impartial chairmen (OpO, Sweden) 09-10-01

  16. Anticyclical policy of the government • The government had to act and must still act in order to stabilise the economy. The government acted unassertively. But by taking off the ideological blinkers the government decided to switch to an anti-cyclical economic policy. So it prevented a worse economic development. • An improved regulation of “short-time work” helped to reduce the rise of unemployment. • “cash for clunkers / junk cars” strengthened car sales. • Tax- and duty-reductions are not helpful to stimulate economic growth. • Instead: More public investment is the better way to generate economic growth. Especially here we need stronger efforts.Annually eight to nine billions Euro are much to less. • All in all the economic programs of the government are created not big enough and come much too late. The Macroeconomic Policy Institute (IMK) estimates the impulses for growth of the whole package of measures only at 0.6 percentage points in this year. Study visit of the group of impartial chairmen (OpO, Sweden) 09-10-01

  17. Assumptions of Economic Trends Study visit of the group of impartial chairmen (OpO, Sweden) 09-10-01

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