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Jörg Asmussen

Jörg Asmussen

Economist and former State Secretary of the Federal Ministry of Finance of Germany

Jul 8, 2026

19:49
I would be interested to hear the finance minister's opinion on this matter.
19:53
It's well known that the government as a whole supports the idea of using the frozen Russian central bank assets.
20:00
But as you all know, we're currently stuck at the European level because Belgium, where these assets are held by a private company, Euroclear, is asking for guarantees from other EU member states so that it doesn't have to carry the financial risk alone.
20:27
However, Belgium feared that Russia could later sue for damages, leaving a single country liable for the financial risk.
20:36
We're talking about roughly 190 billion euros in frozen Russian assets.
20:41
Under the usual EU burden-sharing formula, Germany would be responsible for about a quarter of the guarantees.
20:49
That's close to 50 billion euros.
20:51
We would have to at least inform the budget committee.
19:15
At the moment, millions of customers are unable to access their online accounts.
19:20
One third of the ATMs are not working.
19:23
We need to clarify quickly what cash reserves are available at Germany's central bank, and whether additional cash could be transported to Germany from neighboring countries at short notice.
19:33
Because when people stand in front of an empty ATM, it unsettles them.
15:40
The finance minister points to the economic risks involved.
15:45
I understand what the defense minister said about mobilizing reservists.
15:49
And ultimately, he's the one who has to make the call.
15:52
But the longer reservists are away from their regular jobs, the more it hurts the country's economic output.
15:58
So, yes, you do what you have to do.
16:01
But the longer this lasts, the more those workers are missing elsewhere.
8:33
But they do not have to worry about classified information or the sensitivities of a governing coalition.
8:39
Yes, Jörg Asmussen, today I'm the finance minister.

11 MINS LATER

19:15
At the moment, millions of customers are unable to access their online accounts.
19:20
One third of the ATMs are not working.
19:23
We need to clarify quickly what cash reserves are available at Germany's central bank and whether additional cash could be transported to Germany from neighboring countries at short notice.
19:33
Because when people stand in front of an empty ATM, it unsettles them.

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