Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Germany Says Gold Reserves Are Off Limits for Euro Rescue Plans

Nov. 7 (Bloomberg) -- The German government said its gold reserves are off limits for any euro-area rescue measures and will remain under the independent oversight of the Bundesbank, rejecting reports that such a plan is being considered.

“There is no reason to start speculating about Germany’s gold reserves,” government spokesman Steffen Seibert told reporters today in Berlin. Economy Minister Philipp Roesler told ARD television earlier that the reserves must be “untouchable.”

Seibert denied a Frankfurter Allgemeine Sonntagszeitung newspaper report yesterday that using the Bundesbank’s gold and currency reserves was mooted as part of a debate on boosting the rescue fund, the European Financial Stability Facility, at the Group of 20 summit in Cannes, France.

Chancellor Angela Merkel rejected a proposal by some participants in the Nov. 3-4 summit to use the International Monetary Fund’s special drawing rights to bolster the EFSF, Seibert said. The German leader pointed out that the German reserves are under the Bundesbank’s administration.

“She made it clear that she could not support such a proposal,” the spokesman said.

“We are familiar with the plans and we oppose them,” the Frankfurt-based Bundesbank said in a statement.

To contact the reporters on this story: Tony Czuczka in Berlin at aczuczka@bloomberg.net; Patrick Donahue in Berlin at pdonahue1@bloomberg.net

To contact the editor responsible for this story: Alan Crawford at acrawford6@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.