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Financial crash as significant as fall of Berlin Wall, says Schäuble

The financial crisis will have as significant a global impact as the seismic events 20 years ago when the Berlin Wall fell and communism collapsed, German Finance Minister Wolfgang Schäuble said on Sunday.

Published: 22 November 2009 12:26 CET
Financial crash as significant as fall of Berlin Wall, says Schäuble
Photo: DPA

“I am completely convinced that the financial crisis will change the world as much as the fall of the Wall,” the minister said in an interview with mass circulation weekly Bild am Sonntag.

“The balance of power between America, Asia and Europe is shifting dramatically. And the developments are nowhere near finished yet,” he added.

The economy was picking up again, the minister said, but it was vital that businesses could obtain the credit they need from banks.

In other comments, Schäuble said that the government was seeking clarity from General Motors on plans for Opel on the eve of a crunch meeting with top officials in Brussels.

“My position is totally clear. It is now down to General Motors to provide clarity on how they are going to live up to their corporate responsibilities,” Schäuble said.

“We’ve heard recently from Detroit that GM does not need any state aid for Opel. All I can say to that is: so much the better,” he added.

Germany is home to around 25,000 Opel workers, around half of the company’s total European workforce.

GM stunned Berlin and the entire global auto world earlier this month when it pulled a handbrake turn on a deal that would have sold off Opel to a consortium of Canadian car parts maker Magna and Russia’s Sberbank.

Germany had sweetened this deal with several billion euros in aid as it believed it was the solution most likely to safeguard German jobs.

The US firm decided instead to retain its European division and restructure the unit itself. It has promised soon to reveal its precise plans for the company.

However, according to Der Spiegel magazine, a bidding war has already broken out between European countries eager to secure jobs in their own countries.

According to Spiegel, GM Europe has received offers of €400 million from Britain and between €300 and €400 million from Spain, while Poland has offered tax breaks.

EU Industry Commissioner Günter Verheugen hit out at what he called an auction, saying he found the offers “alarming.”

The commissioner is due to hold talks on Monday in Brussels with European economy ministers and representatives of GM to discuss the future of the US car maker’s European business.

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WORKING IN GERMANY

Which Bavaria-based companies regularly hire English speakers?

Bavaria is no doubt a beautiful state with a strong economy, but can be a hard place for non-German speakers to integrate. The Local takes a look at job opportunities in Germany’s southeastern 'Free State.'

Published: 7 February 2024 10:54 CET
Updated: 10 February 2024 08:20 CET
Which Bavaria-based companies regularly hire English speakers?

Munich ranks third in German cities with the highest total GDP, behind Berlin and Hamburg, but in terms of GDP per capita, it’s higher than both of them.

It also consistently ranks high, often highest, in terms of average household income.

As of 2023, nine of the 40 companies listed on DAX, Germany’s stock index, were based in Bavaria. Seven of those are based specifically in Munich.

While Frankfurt is commonly known to be Germany’s business capital, Munich can claim the title of Germany’s insurance capital, which is saying something, as Germany is home to some of the largest insurance firms in the world, like Allianz.

Beyond the state’s capital city, a number of international companies are based elsewhere in Bavaria, particularly in the Franken region, near Nuremberg.

Which companies actively hire English speakers?

Bavaria, and Munich in particular, is home to a number of companies at the forefront of international business. But the state is known for its traditional, sometimes conservative, culture, which affects its business culture as well.

Whereas companies embracing English as their primary business language are easy to find in Berlin, the practice is less common in the south. That said, there are some notable exceptions. 

Sportswear giants, Adidas and Puma, both have their headquarters near Nuremberg in Herzogenaurach, and regularly recruit English speaking international talent.

“As an international company, our teams reflect the rich diversity of our consumers and communities,” Jon Greenhalgh, Senior Manager Media Relations for Adidas told The Local. “Fostering a culture of inclusion where we value and leverage differences, ensures that we can authentically engage with our employees and truly connect with our consumers.”

He added that around 40 per cent of Adidas’ Germany-based employees are foreign nationals, from over 100 different countries.

Siemens and BMW rank among Bavaria’s top employers, and are also known to hire their fair share of foreigners.

“In Germany, we recently had around 2,000 open positions,” Konstanze Somborn told The Local on behalf of Siemens AG.

He added that Siemens operates in 190 countries. “That is why we value international teams very much…English as a common language is very usual.”

READ ALSO: ‘Which German companies want to hire foreigners?’

Similarly, BMW hires workers from a variety of backgrounds. 

“Every year, we hire lots of internationals and welcome them to the BMW Group,” Dr. Hans-Peter Ketterl, a press spokesman for BMW Group told The Local. 

But not all of these positions are available to non-German speakers.

Ketterl added that BMW’s working language is German in the country, even though, “English is an indispensable entry requirement as the second corporate language in many areas of the company.”

Check job boards and follow best practices

If it’s your first time applying for jobs in Germany, make sure to change your resume to the German format, even for English positions.

While Germany is home to its own job boards, like Xing, LinkedIn is probably the best place to start. In addition to searching for positions based in your preferred location, you can check relevant groups, like Munich Startups, to broaden your horizons.

The English Jobs in Germany website is also a good resource to start with. 

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