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.

Amidst the economic slowdown of China and US, the stocks of Germany have further impacted the world economy as its market today tumbled lower than expected. Before the news of Germany's shares slopping down, the US dollar was doing quite well.

In a recent report by the Federal Statistical Office, Germany’s exports growth has been shared in public domain. The report claimed that Germany encountered a growth of 14.7% in the first six months of 2011 and the major contributing factor was export to the non-European countries.

Against the value of euro458.3 billion in the first six months of 2010, this year figure notched up to euro525.6 billion ($721.60 billion), thereby reinforcing the fact that Germany is the world's second largest exporter.

It seems that the lingering fears of recession have gripped the market to an extent that business decision is getting affected by the same. It has been reported that deciphering the volatile movement being experienced by countries across the world, Siemens AG has announced to extend its plans for issuing an initial public offering of shares in light bulb maker Osram.

Confirming the same, Siemens AG claimed: "In view of the highly volatile environment on the capital markets and possible effects on the industry ... Osram is to be listed at a later date”.

The losses incurred by the UBS’s traders have further added woes to the soaring economy of European countries. Swiss banks have already been struggling to cope up with the intolerable financial crunch and the losses incurred by the UBS’s traders have further put it into a tight position.

It has been informed that risk management practices would be installed by the bank so that losses from the property investment could be avoided. It has come to light that the loss to the UBS was caused by a fraudulent investor, who caused a loss of $2.0 billion by trading illegally.