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Western EuropeDecember 5 2005

The other German Struggle

Germany’s political battles may be over but the war over reform of the country’s banking sector has only just begun. Jan Wagner reports.While some kind of political truce has been reached in Germany, the real fight for financial reform rages on. By the standards of modern banking systems everywhere, Germany’s three-pillar system of private banks, state-owned savings banks (Sparkassen) and co-operative banks is antiquated and inefficient.
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