Made in Germany: The Business Magazine

Our guest this week is Michael Vassiliadis, CEO of IG BCE (Mining, Chemical and Energy Industrial Union). We'll talk to him about what his union expects from the G20 summit in Toronto.DW-TV: I am now joined by Michael Vassiliades-- Chairman of the industrial Union of Mining, Chemical and Energy. Two years after the crisis hit, world leaders are still wrangling about how to solve it, how to better control financial markets - what do you make of their efforts so far? Michael Vassiliadis: I think the first thing is it's still important that they regulate all the financial markets. They have met for several conferences and I hope this conference in Toronto will bring us a step further so everything is on the table and clear, so they only have to implement the transaction tax for financial markets. A tax for banks is also on the table. They have to deal with these two issues. DW-TV: The G-20 summit will also be joined by Trade Unions this time - what do they hope to achieve? Michael Vassiliadis: It's very important that we're joining the conference. We will bring the workers' issues to the table. I think an international movement of trade unions will also point out that the workers all over the world are still waiting for a solution, and we will create some pressure at this conference and maybe we will experience some success. DW-TV: There are so many different national interests at stake. The US and UK, for one, don't like the idea of regulating the markets, because the banking sector is a major business and source of income for these countries - how can they all be expected to see eye to eye on these issues? Michael Vassiliadis: We have to see that especially the US and also Great Britain have advantages from this situation, and they're slowing down this conference a bit. I think we have to press them a bit, because we need a worldwide agreement. So we have to discuss it, that's normal in an international context. We can't do anything else aside from holding a transparent discussion. I think that's the way in international politics, that's what we have to do. The people are waiting and I think politicians are sensitive when the people are angry and put them under pressure. So we hope we'll move a step further. DW-TV: What is the LEAST you expect from the G20 summit in Toronto? Michael Vassiliadis: I hope we can move a step further on this financial transaction tax. I hope the Germans will push for it, and the Europeans. We talked about this last week with Chancellor Merkel, so I hope she will go there with a hard opinion, with clear words. We will see. DW-TV: Michael Vassiliades, thank you for the moment, we'll be back in a short while. (Interview: Monica Jones)