The Macroeconomics and Financial Markets cluster consists of the Macroeconomics, Forecasting and Economic Policy, and International Economics departments. The departments in this cluster analyze quantitative and qualitative changes in economic conditions. Economic development in Germany, Europe, and the world is examined with regard to real economic, monetary, and financial aspects. Additionally, monetary and financial implications are identified. The interactions between financial markets and the real economic development are of increasing importance in research as well as subject of diverse cooperation within this cluster. The departments systematically take into account European and international contexts and how these are reflected in the increasing integration of the goods, factor, and financial markets. Included in the analysis are institutional requirements for the integration of and implications of institutional conditions for growth, development, and distribution.