Press Release of 5 November 2008

DIW President Zimmermann comments on Obama victory

Restoring the credibility of the global economic system is the key to overcoming the current financial crisis. "Throughout the election campaign President Barack Obama has shown economic competence and trustworthiness. He can contribute greatly to restoring trust in our market economy," said DIW President Klaus F. Zimmermann in Washington, where he observed the U.S. elections.

However, the new President will face almost insurmountable challenges, Zimmermann added. The tough realities of the financial crisis and its budgetary impact will stand in the way of Obama's goal to create a fairer society. But since Obama is known to seek the advice of high-qualified academic experts, Zimmermann expects the new President to be open to unorthodox proposals and initiatives. Obama's leadership style is marked by cooperation and pragmatism, said Zimmermann. Yet this will also require Europe, particularly Germany, to assume a greater role in international security cooperation. According to Zimmermann, the key economic issues to be dealt with by the Obama administration will be the financial crisis, the impending recession, healthcare reform, climate control, energy supply, trade relations, and immigration. The October issue of DIW-Wochenbericht features a joint article by Zimmermann and Amelie F. Constant (DIW DC and IZA) on the major challenges for the next U.S. President.

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