Fears of a recession in the United States are being felt on stock markets around the world. Many observers and financial analysts speak of panic as we witness major stock sell-offs almost on a daily basis, as well as bank bail-outs. German politicians have tried to calm fears here in the country by saying that the German economy is strong enough to withstand a recession in the US. But now the German Finance Minister, Peer Steinbrück, is expressing concern and has called closer cooperation between governments and banks.