It seems that if the internal issues of the European Union were not enough, now America has started a war of words with the EU over the ongoing crisis of euro zone. It was being reported that as President Barack Obama lashed out at the EU to have failed in to warding off the debt crisis, the German Finance Minister, Wolfgang Schauble, didn't spare any harsh words in the same regard.

While addressing the United Nations on Monday, German Foreign Minister Guido Westerwelle notified that Berlin has voted in favor of a Palestinian state on the conditions of a conferred resolution between Israelis and Palestinians. Further, the leader has claimed that Germany is considerate about the safety of Israel.

While referring to the Middle East Peace Quartet's suggestions, Guido Westerwelle said: “Both sides are now tasked with presenting comprehensive suggestions on borders and security in the next three months, while refraining from any acts of provocation”.

Indian Prime Minister Manmohan Singh was on a five day trip to New York to mark his presence in a high level section of the UN General Assembly. On Monday night, Mr. Singh arrived in Frankfurt and expected to land in India on Tuesday night.

During the meeting, the leader stressed that some efficient policies are needed in order to reflect UN as stronger and more effective body. In addition, he has also insisted to expand the decision making Security Council in order to depict realities of the era.

The report of GfK, a market research firm has notified that even though Germany has been troubled by the recession doubts, the consumer climate would stay firm in the autumn season.

GfK Consumer Climate report notified that though the outcomes of the consumer climate stayed a little contradictory in September, expectations of earnings have enhanced which was already at high intensity. Since the value has been measured at 5.2 points in September, there have been predictions that it will remain the same in the October as well.

No doubt Germany is among the most dominating of all the nations in the European Union, as that's what the European Central Bank Governing Council Member Ewald Nowotny wants to affirm.

Giving a special space to Germany in the European Central Bank is being pondered over to an extent that there could be some changes in the decision making procedures.

Though it's being largely believed that to move ahead in the European Union, Germany has become a vital clog in the entire nexus, in the country, however, the sentiments are a lot different.

According to IFO President Sinn, Germany is at much better condition that the US on the grounds of slump. He revealed that the economy of Germany remained strong against the depression occurring in the global economy.

The IFO survey for business climate index for Germany fell 107.5, against 108.7 recorded earlier. The analysts believe that the fall was better than that predicted by the market, 106.5.

Greece is due to attend an important meeting in order to discuss the bailout payments to be received from its partners in Europe and International Monetary Fund (IMF).

The meeting is being organised after Europeans assured to help Greece in monetary ways in accordance with guidelines of the economic deal, revealed German Deputy Finance Minister Joerg Asmussen.

It seems like Germany and Switzerland are working towards solving their long held dispute over evasion of taxes, as Finance Ministers of the two countries have signed an agreement to solve the issue as soon as possible. However, the agreement will be finalized only if gets the approval from parliament.

As per the agreement, the Swiss Bank is entitled to pay an upfront grantee of 2 billion francs to Germany. Moreover, further payments will be made to Germany by the bank when authorities return the money which is owed by the Swiss Bank in the form of taxes.