Volker Wieland and German Council of Economic Experts call for "Time for reforms" in new annual report

The German Council of Economic Experts (GCEE) has submitted its annual report 2016/17 entitled "Time for reforms" to Chancellor Angela Merkel in Berlin. The euro area member states should now use the tailwinds of the economic upturn to carry out structural reforms, the Council warns.

Given the considerable structural problems in the euro area, the upswing cannot sustain itself. "There is little effort to reform and some member states lack the required budget discipline. ECB monetary policy masks these problems and increasingly threatens financial stability", the report says.

For 2016, the Council expects the real gross domestic product in Germany to grow by 1.9 percent. For 2017, the Council expects 1.3 percent. For the euro area, the GCCE forecasts real growth of 1.6 percent in 2016 and 1.4 percent in 2017.

The German Council of Economic Experts is an independent academic body advising German policy makers on questions of economic policy. It consists of five members, currently Prof. Dr. Christoph M. Schmidt, Prof. Dr. Peter Bofinger, Prof. Dr. Lars P. Feld, Prof. Dr. Isabel Schnabel and Prof. Volker Wieland, Ph.D.

Press release of the GCEE (PDF)
Executive summary of the annual report 2016/17 "Time for reforms" (PDF)

Article on the official hand-over of the annual report to Chancellor Angela Merkel (with video) (German)
Press statement of Chancellor Angela Merkel (German)

The annual report in the media:
ARD-"Tagesschau" (Video)
ZDF-"heute-Nachrichten" (Video, Start: 3:00 min)
Deutsche Welle TV: Interview with Volker Wieland "Germany's 'economic experts' call for fiscal discipline" (Video)

Financial Times: "Economists urge Germany to keep door open to Chinese companies"
Times: "Wise men are urging Merkel to prevent Britain from leaving"


FAZ: "Erhebliche Risiken für die Finanzstabilität"
Wiwo.de: "Wirtschaftsweise kritisieren Bundesregierung und EZB"
Reuters/Börse Online: "Wirtschaftsweise fordern vorzeitiges Ende der EZB-Anleihekäufe"
FAZ: "Sachverständigenrat kritisiert EZB"
Deutsche Welle: "Wirtschaftsweise warnen, fordern, rüffeln"
Handelsblatt: "Wachstum soll geringer ausfallen als erwartet"
Reuters: "Wirtschaftweise erwarten 2017 weniger Wachstum "