Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Europe must do more to defend liberal world order - Germany's Schaeuble

Published 20/06/2017, 21:36
© Reuters.  Europe must do more to defend liberal world order - Germany's Schaeuble

By Michael Nienaber

BERLIN (Reuters) - Europe must assume greater responsibility to defend a liberal, democratic world order as the United States appears increasingly less willing to do so, German Finance Minister Wolfgang Schaeuble said on Tuesday.

His comments chimed with remarks from German Chancellor Angela Merkel who said last month that Europe could no longer completely rely on its allies, pointing to bruising meetings of the G7 wealthy nations and NATO that were also attended by U.S. President Donald Trump. [nL8N1IU0EO]

Germany holds the presidency of the G20 leading economies, a platform Merkel wants to use to safeguard cooperation, now strained by Trump's decision to pull out of a landmark climate protection agreement.

"We have to improve our cooperation, we have to rely on our mutual trust," Schaeuble said at a ceremony where he was awarded the Henry A. Kissinger Prize by the former U.S. secretary of state personally.

"We need to stick to our values, we need to be more convincing," said Schaeuble, a veteran member of Merkel's ruling conservatives.

Schaeuble said the major problems in the world such as climate change, international terrorism and migration flows could only be solved when countries worked closely together.

"If the United States is starting to take a sceptical view of its role as the guardian of global order – and we've already seen hints of this in recent years – then I would see this as a call to action directed at Europe, including Germany," he said.

Schaeuble said he doubted whether the United States truly believed the world order would be equally sound if China and Russia were to fill the gaps it left and if Beijing and Moscow were given a free hand to dominate their spheres of influence.

"That would be the end of our liberal world order. This order is still the best of all possible worlds, for ethical, political and economic reasons. And we want this order to keep moving forward, or at least not see it weakened," he said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.