{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='GERMANY: GOVERNMENT TRY TO DIFFUSE DISPUTE WITH CENTRAL BANK' data-url='/boclips/videos/5c54bd7dd8eafeecae134899' data-video-url='/boclips/videos/5c54bd7dd8eafeecae134899' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nGERMANY: GOVERNMENT TRY TO DIFFUSE DISPUTE WITH CENTRAL BANK\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eEnglish/NatThe German government is trying to diffuse a dispute between the Finance ministry and  the powerful German central bank. A plan by the German Finance Minister to revalue the nation's gold reserves as part of  its efforts to...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eEnglish/Nat\u003cbr/\u003eThe German government is trying to diffuse a dispute between the Finance ministry and  the powerful German central bank. \u003cbr/\u003eA plan by the German Finance Minister to revalue the nation's gold reserves as part of  its efforts to qualify for the planned European single currency has been sharply  criticised by the central bank. \u003cbr/\u003eBut on Friday, members of the centre-right government insisted that the central bank  was opposed only to the timing of the revaluation. \u003cbr/\u003eFinancial experts blame the ongoing dispute in part for Friday's fall of the German stock  market.\u003cbr/\u003eFrankfurt, Germany's financial centre, on Friday felt the reverberations of the highly  public dispute between Finance Minister Theo Waigel and the head of the central bank,  Hans Tietmeyer. \u003cbr/\u003eWaigel's suggestion to revalue the nation's gold reserves so the country could qualify for  a planned European single currency was bluntly rejected by the powerful central bank  on Thursday. \u003cbr/\u003eThe dispute has raised questions about the validity of the euro, scheduled to debut in  1999 as Europe's leading currency. \u003cbr/\u003eWaigel has come under intense criticism from his political opponents for his handling of  the affair. \u003cbr/\u003eBut he has rejected calls to resign and insists the plan will go ahead.\u003cbr/\u003eMembers of the centre-right coalition government on Friday attempted to diffuse the rift  by pointing out that the central bank was not opposed to the general idea, but only to  the timing of the revaluation. \u003cbr/\u003eEven so, Germany's stock market industrial index, the DAX,  fell some 85 points on  Friday losing about 2.4 per cent of its value. \u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"Well, the market is very much lower, by 85 points in the DAX, and most of it is  because of the struggle between the Bundesbank and the government, between Mr.  Waigel and Mr. Tietmeyer about the revaluation of the gold reserves, which of course is  seen as a rather artificial means of meeting the Maastricht criteria for the EMU  (European Monetary Union). And the EMU is what people are concerned in. For the  second part, maybe 30 per cent of what happened today, you can quote the second  part of the French elections which will take place on Sunday, and the outcome of which  is rather taken already, it will be the same as last week, but what will the new  government do about their European policy? Will it again mean a weakening of the  criteria for the European currency which is planned?\"\u003cbr/\u003eSUPER CAPTION: Guenter Borgold, BHF Bank stock exchange director\u003cbr/\u003eTraders of the German currency said Friday they expected greater ramifications by the  beginning of next week. \u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"Well, there's nothing decided yet, therefore the market reacted very calm, people  believe that this fight is not yet over and we have seen today reactions both ways. But  in general, the mark got a little bit ground against the other currencies, the dollar is  more or less unchanged, the other currencies are calm. The problem is that we had a  holiday yesterday, and a lot of market participants are not yet in. So we'll have to see  on Monday what's going on, and I think the real market reaction we'll only see on  Monday, not today.\"\u003cbr/\u003eSUPER CAPTION: Detlef Stork, Official Foreign Exchange Broker\u003cbr/\u003eTietmeyer had argued against Waigel's plan because he said it would threaten the  independence of the central bank and harm the planned euro currency. \u003cbr/\u003eThe Maastricht Treaty demands that those E-U member nations who want to join the  first wave of monetary union have a 1997 budget deficit of no more than three percent of  gross domestic product (G-D-P) and a debt of no more than 60 per cent of G-D-P.\u003cbr/\u003eFrankfurt and Bonn, Germany - 30 May 1997 and file \u003cbr/\u003eFrankfurt:\u003cbr/\u003e1. City skyline \u003cbr/\u003e2. Exterior of German Central Bank \u003cbr/\u003e3. Pan from sign to entrance of bank\u003cbr/\u003e4. Theo Waigel, German Finance Minister (right, with hat) and Hans Tietmeyer, Head of      German Central Bank - 8 February 1997 in Berlin at G-7 meeting \u003cbr/\u003e5. Tilt down newspaper headlines \u003cbr/\u003e6. Wide of stock exchange floor with dipping DAX in the background  \u003cbr/\u003e7. Various of traders\u003cbr/\u003e8. SOUNDBITE: (English) Guenter Borgold, BHF Bank stock exchange director\u003cbr/\u003e9. Close up traders\u003cbr/\u003e10. Pan down monitor showing DM exchange rates\u003cbr/\u003e11. SOUNDBITE: (English) Detlef Stork, Official Foreign Exchange Broker \u003cbr/\u003e12. Close up German money printed - FILE\u003cbr/\u003eBonn - 29 May 1997:\u003cbr/\u003e13. Wide shot German government buildings with German and European flags\u003cbr/\u003e14. Medium shot flags\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out of 5 stars\" role=\"img\"\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid 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class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eDate\u003c/dt\u003e\n\u003cdd\u003e1997\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003ci aria-hidden='true' class='fai fa-solid fa-language'\u003e\u003c/i\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eAudiences\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?audience_ids%5B%5D=371079\u0026amp;keywords=repeating+patterns\u0026amp;page=14\u0026amp;search_tab_id=1\"\u003eFor Teacher Use\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\u003cdd class=\"text-muted\"\u003e\u003ci class=\"fa-solid fa-lock mr5\"\u003e\u003c/i\u003e2 more...\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='concepts-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='concepts-heading'\u003eConcepts\u003c/h2\u003e\n\u003cdiv class='clearfix'\u003e\n\u003cdiv class='details-list concepts' data-identifier='Boclips::VideoDecorator' data-type='concepts'\u003ewestern europe, europe, governments, germany, economy, business\u003c/div\u003e\n\u003cdiv class='concepts-toggle-buttons' data-identifier='Boclips::VideoDecorator'\u003e\n\u003cbutton aria-expanded='false' class='more btn-link' type='button'\u003e\n\u003cspan\u003eShow More\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-down ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003cbutton aria-expanded='true' class='less btn-link' style='display: none;' type='button'\u003e\n\u003cspan\u003eShow Less\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-up ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='additional-tags-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' 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