World Economy in Transition

New Challenges for Economic Governance

April 20 Friday

Date/time

April 20, 2012, 12.30

Loc.

Tokyo

With

Dr. Michael Fuchs, MP, Vice-Chairman of the CDU/CSU Parliamentary Group

Type

Lecture

Lecture by the Vice-Chairman of the CDU/CSU Parliamentary Group of the German Bundestag, Dr. Michael Fuchs, in cooperation with the German Chamber of Commerce and Industry in Japan (DIHKJ).

Also available in 日本語, Deutsch

On 20 April 2012, the Konrad Adenauer Foundation in cooperation with the German Chamber of Commerce and Industry in Japan (DIHKJ) invited for a lecture by Dr. Michael Fuchs, Vice-Chairman of the CDU/CSU Parliamentary Group.

After the opening remarks by the DIHKJ Executive Director, Manfred Hoffman, Dr. Michael Fuchs, gave his lecture on "World Economy in Transition: New Challenges for Economic Governance".


Dr. Michael Fuchs, Vice-Chairman of the CDU/CSU Parliamentary Group of the German Bundestag
Dr. Michael Fuchs, Vice-Chairman of the CDU/CSU Parliamentary Group of the German Bundestag

Dr. Fuchs first briefly summarized the events of the economic crisis since the Lehman-Brother bank declared bankruptcy and the effects especially on Europe and the Eurozone before he presented his assessment on the situation in each affected European state. The vice-chairman judged the measures taken by the concerned governments to decrease the debt of the so called PIIGS (Portugal, Ireland, Italy, Greece and Spain) as overall satisfying. However, he reiterated the differing backgrounds and preconditions for the crisis in these countries as important criteria for the evaluation of the whole crisis.

He outlined, that Germany had played a central role in coping with the recent economic crises in Europe and was ready to continue that policy under the lead of Chancellor Angela Merkel. The establishment of the European Stability Mechanism (ESM) as an extension and follow-up for the European Financial Stability Facility (EFSF) and especially the comprehensive introduction of a constitutional debt brake to almost all European countries had been majorly designed and accompolished by Germany. The German economy was the first in Europe to recover from the international crisis and will remain a benchmark and motor for regional developments. It also remained a of central interest and priority for the German government to further European integration to counter a looming decrease of importance also in comparison to emerging economies.

Countries like Germany and Japan were facing similar challenges including

  • demographic change
  • shortage of skilled workers
  • the need for affordable and safe energy
  • the need for an adequate supply of raw materials
  • the continuing need for a high degree fo R&D expenditures
  • securing balanced state budgets

Dr. Fuchs stated, that "the relative importance of individual western and European countries in the global economy is declining, and has been for years." Former major actors in global economic governance like the G7 or G8 were more and more replaced by formats like G20 and the emerging BRICS countries (Brazil, Russia, India, China and South Africa). "Against this background, the relevance even of major industrialised nations like Germany and Japan is waning. That is why it is important for us today to stand together - in Europe as the EU and the eurozone, but also internationally, for example through strategic partnerships between Europe and Japan."


Ai Ozawa (Keio University), Shinsuke Tanaka (TBS), Prof. Takashi Inoguchi (University of Niigata Prefecture), Tetsuya Jitsu (Nikkei Inc.), Yasuhiko Yoshida (MOFA)
Ai Ozawa (Keio University), Shinsuke Tanaka (TBS), Prof. Takashi Inoguchi (University of Niigata Prefecture), Tetsuya Jitsu (Nikkei Inc.), Yasuhiko Yoshida (MOFA)

Professors, representatives of governmental agencies, renowned private companies and the most important newspapers as well as researchers from famous research institutes took part in the event. After the presentation the KAS Representative in Tokyo, Jörg Wolff, moderated a long-lasting, deep-going discussion in which Dr. Fuchs answered a variety of questions and gave his comments on various ideas and perspectives.

BM-AA-12-005 World Economy in Transition Mr.Risaburo Nezu

In the discussion, Mr. Risaburo Nezu, Senior Executive Fellow, Fujitsu Research Institute presented a Japanese perspective on the ongoing economic crises in Europe.

BM-AA-12-005 World Economy in Transition

Mr. Aiichiro Yamamoto, Senior Assistant Director, Japan International Cooperation Agency, drew attention to the question of the impetus for change and whether a whole system like the current world economy could be changed withouth tremendous turmoil or conflict.

Moderated Discussion

During a a long-lasting interesting discussion, Dr. Fuchs was open for questions and comments by a number of participants with particular expertise and high experienced background.

Contact person

Joerg Wolff

Head of the KAS office in Japan

Joerg Wolff
Phone +81 3 6426 5041
Fax +81 3 6426 5047
Languages: Deutsch,‎ Français,‎ English

Thomas Yoshimura

Project Coordinator

Thomas Yoshimura
Phone +49 30 26996 3367
Languages: Deutsch,‎ English,‎ 日本語

Naoko Ogawa

Project Coordinator

Naoko Ogawa
Phone +81 3 6426 5044
Fax +81 3 6426 5047
Languages: 日本語,‎ Deutsch,‎ English