Publikationen Fratzscher

We Need to Give Impetus to the Private Sector: Six Questions to Marcel Fratzscher

An Investment Agenda for Europe

Only strong economic growth will help Europe emerge from its crisis. The reforms implemented to date at national and European level have failed to impact the economypositively; this is due to excessive national, corporate, and private debts, the flawed banking system, the lack of structural reforms, an insufficient institutional framework at European level, as well as a persisting climate of distrust ...

Weak Inflation and Threat of Deflation in the Euro Area: Limits of Conventional Monetary Policy

Inflation in the euro area has been below the European Central Bank's target for almost a year now and it is also expected to remain at a very low level in the near future. On the one hand, such a low level of inflation is not in line with the ECB's objective. On the other hand, there is the risk that this situation will lead to a slide into deflation. In view of the ECB's historically low policy rates, ...

TARGET Balances - An Anchor of Stability

The debate about TARGET2, the payment system of the European System of Central Banks (ESCB), has resulted in controversial discussions in Germany in recent years. The present study by DIW Berlin concludes that fears often expressed in this context of the risks to Germany are largely unfounded. Germany is - in contrast to what is often claimed - one the beneficiaries of the Target system. In particular, ...

Germany's Big Weakness is a Lack of Investment: Seven Questions to Marcel Fratzscher

More Growth through Higher Investment

While many countries in the euro area are deep in recession due to a debt and structural crisis, the German economy appears to have excelled compared to many other euro area countries. Unemployment has fallen to the lowest level since German reunification, economic output has grown by over eight percent since 2009, and public budgets have been consolidated, generating a surplus in 2012. But this is ...

Germany Must Invest More in Its Future

Shortly before the parliamentary election in 2013, Germany is riding on a wave of euphoria: hardly any other euro country has weathered the financial and debt crisis so well. Since 2009, GDP has grown by over eight percent and 1.2 million new jobs have been created. Public finances were consolidated and, in 2012, there was a fiscal surplus of 0.2 percent of GDP. An impressive financial position indeed ...

Deutschland braucht eine nachhaltige und effektive Migrations- und Integrationspolitik

Migration ist eines der zentralen Themen im Bundestagswahlkampf und wird für die nächste Bundesregierung hohe Priorität haben. Dabei geht es nicht nur grundsätzlich darum, eine offene Gesellschaft zu sein und zu bewahren, sondern auch um die Integration von ausländischen Mitmenschen und Fachkräften. Ohne deutlich mehr Arbeitskräfte wird die wirtschaftliche Transformation scheitern und viele Unternehmen ...

Generationengerechte Schuldenregel: Reform der Schuldenbremse mit Pflicht der Daseinsvorsorge für künftige Generationen

Die aktuelle Schuldenbremse muss reformiert werden. Dies darf nicht symbolisch und kosmetisch erfolgen, wie es sich in der Debatte bisher andeutet, sondern muss eine signifikante Verbesserung bringen. Die Reform muss insbesondere den blinden Fleck der Generationengerechtigkeit berück-sichtigen. Eine generationengerechte Schuldenregel erfordert vier konkrete Änderungen: (1) Eine nominale Ausgabenregel ...

AfD und BSW in Thüringen und Sachsen: Regierungsverantwortung wäre ein gefährliches Experiment

Am 1. September werden in Sachsen und Thüringen neue Landtage gewählt. Die Alternative für Deutschland (AfD) führt aktuell die Umfragen an, das neugegründete Bündnis Sahra Wagenknecht (BSW) liegt auf Platz drei. Es ist nicht ausgeschlossen, dass sie in Regierungsverantwortung kommen. Diese Kurzstudie analysiert auf Basis des Wahl-O-Mats der Bundeszentrale für politische Bildung (bpb) die Positionen, ...