In Germany the debate continues. What ever happened to the ‘reform agenda’ I wonder?

German chancellor Gerhard Schröder will next month call for a European initiative to promote public spending on research, set minimum social standards in companies and tighten controls on international financial flows, senior members of his Social Democratic party said on Tuesday.

The plan, discussed at a meeting with leftwing SPD members of parliament at the chancellery last Thursday, is the clearest indication yet that Mr Schr?der is reaching out to critics of capitalism within his party.

Meantime Deutsche Bank Chief Executive Josef Ackermann told a shareholders meeting today that the bank will press ahead with acquisitions and job cuts as it seeks to strengthen its global competitiveness,

With protesters picketing the meeting, Ackermann said the bank was going to stick with plans to cut around 5 percent of its work force ? roughly 1,920 jobs in Germany and 3,280 abroad. Deutsche Bank said in April its net profit rose by 17 percent in the first quarter to 1.1 billion euros ($1.42 billion).

In a clear reference to criticism from SPD chairman Franz M?ntefering, he said: “Niemand – zumindest niemand, den ich kenne – will einen “Kapitalismus pur? und schon gar keinen “Raubtier-Kapitalismus?” – No-one – at least no-one I know wants a ‘pure’ capitalism, and certainly no “robbery-animal capitalism”. Well there you have it, we’re all good men and true. Round II to follow.