Impact of the Global financial crisis 2008-2012 on the US-German economic relations

In the face of rapid technological development, accelerating the process of information exchange, people and capital movements the economic crisis acquires features characterizes its era: globalization, technological complexity, unpredictability. The crisis of 2008 is a major global economic shock over the past decades. For the transatlantic economic relationship this could mean the loss of the dominant position on the world markets and removal of the center of world economic activity to the East. The banking crisis in mid-2008 developed into a clash of economic systems and ways of life around the world. Economic difficulties in the Eurozone can slow output of the U.S. economy out of recession. The U.S. government insists on more decisive action to resolve the crisis. From 2008 to 2012, U.S. Congress repeatedly discussed the economic situation in Europe. During the four years, there has been more than 40 hearings tagged as "crisis in the Eurozone." As a result, the United States supported the EU through the mechanisms of the International Monetary Fund. Also, the US did not give the dollar fall against the European currency so as to give additional benefits to producers from Europe. The U.S. has no direct mechanism to influence the situation in the EU, but the indirect mechanisms were launched. The U.S. can not afford serious economic problems in Europe. The EU economy is important for the United States not only as an integral part of the transatlantic trade relations, a huge market and the most important part of the financial system which had been built by the America for several decades, but also because of the potential consequences for the international relations and its own national security. For example, reducing their military spending Europeans force Americans to increase theirs. Scientific development, infrastructure renewal, army maintenance became a daunting task for Europe. Number of initiatives aimed at strengthening bilateral cooperation were studied by parliamentarians. "The initiative to increase jobs and support the transatlantic economy" aims to eliminate as many as possible obstacles for investors and businessmen on both sides of the Atlantic - "only the elimination of tariffs in mutual trade can bring additional 50 billion to U.S. exporters" . German MPs, for their part, do not dispute the need to eliminate trade barriers, but prioritize measures to combat the crisis differently. Banks, which, according to the Bundestag are the cause of the crisis have to pay for their rescue and for the crisis itself. Without restructuring the financial system all other measures can only postpone the matter. Without U.S. reforming the world financial system is not possible. However, in the U.S. there is no certain opinion about the role of financial sector in the 2008 crisis. On the one hand, the investigation conducted by an independent U.S. Federal Communications Commission at the highest level, focused on the role of financial institutions in the crisis. On the other, the conclusions reached by the Commission could disappoint the German political establishment. Namely: the supervisory control over the financial institutions actions, its absence or failure could not be the sole or main cause of the crisis.

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