New conflict over Bundesbank bonus cuts

The new spat between the German finance ministry and the Bundesbank has developed over cuts in the compensation schemes of the central bank's staff.

The focus of conflict between the ministry and the central bank has now shifted from gold reserves to bonus cuts. After Bundesbank president, Axel Weber, criticised these pay cuts as "draconian measures", trade union leaders warned the government that they are ready to call for strikes on the issue. The Bundesbank argues that these bonuses are nec

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