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German minister expects structural changes at VW

Germany's finance minister expects that the emissions-rigging scandal will prompt structural changes at Volkswagen, but he does not see it damaging Germany as a business location.

Wolfgang Schaeuble said in an interview: "We will emerge from this crisis stronger too. We learn from crises. In the end, VW will no longer be what it was - a lot will change there structurally."

Asked what thoughts the news of the scandal prompted, Mr Schaeuble drew a parallel with past events in the financial market.

He said that global competition is "incredibly brutal. Everyone wants to be the biggest".

He also pointed to "greed for glory, for recognition."

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