The Wall Street Journal
Michael Casey
Feb 03 2011

Germany wants "comprehen-sive" reforms in the euro zone that achieve greater fiscal discipline, improved policy coordination, an enhanced mechanism for managing debt crises, and more rigorous management of the region's banks,
Changes would include new commitments to "fiscal consolidation and growth-enhancing structural reforms," ... Germany also wants alterations to the Stability and Growth Pact--the euro zone's basic fiscal rulebook- under which "national fiscal frameworks" would be implemented.
Asked whether Germany would support using the European Financial Stability Facility to recapitalize troubled banks, Asmussen said Germany had "strong misgivings" about doing so directly.
Asmussen … declined to comment on French President Nicolas Sarkozy's push for an expansion in the number of currencies included in the basket of the International Monetary Fund's Special Drawing Rights. That plan, which is designed as a way to prepare for a global financial system in which the dollar is not as dominant as a reserve currency, envisages the addition of the Chinese yuan in the SDR basket.
"It is very likely the mandate will task the group to explore ways to strengthen the international monetary system by looking at excessive volatility in capital flows, the issuance of debt in local currency, the management of global liquidity, financial safety nets and the role of the SDR. The aim is to focus on elements that can be operationally achieved until the G-20 summit in November in Cannes," he said.

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