Volker Wieland: "Hands off the debt brake" (NZZ, Bloomberg, Financial Times, Börsen-Zeitung, DW TV)

According to Volker Wieland, the current industry slump is partly caused by a normalization after a bonanza. In his view, there is no reason for a stimulus package, he said in an interview with the Swiss daily "Neue Zürcher Zeitung" at the presentation of the annual report of the German Council of Economic Experts.

In his opinion, it is a myth that Germany doesn't invest enough. Instead, investments were hindered by capacity constraints and long approval procedures and regulation. He said that the so-called "black zero" could turn into an obstacle within a deep recession. In an interview with "Financial Times" he said that the government shouldn't necessarily stick to the black zero. However, the debt brake shouldn't be touched at the moment.

In an interview with Deutsche Welle TV, Wieland underlined the importance of a digital single market in Europe. Free trade and competition were decisive factors for the German economy. This also involved the implementation of digital business models.

Furthermore, in an interview with the German financial daily "Börsen-Zeitung", Wieland criticized the current ECB policy. With the September decision monetary policy had been determined for a relatively long period. He asked the ECB to show more patience and to take into account further and broader inflation measures. In his view, the ECB maneuvered itself in a position where it was bound to take further steps if inflation did not meet the target.


Neue Zürcher Zeitung: "Lasst die Finger von der Schuldenbremse"
Börsen-Zeitung: "Harsche Kritik am EZB-Kurs" (€)
Financial Times: "German top economists slash growth forecast"
Bloomberg: "Merkel adviser warns of rising recession risk on industry slump"

Deutsche Welle TV: "No need to reinvent German economy"

The Annual Report of the German Council of Economic Experts
To the press release of the Chancellor

Further articles:
Reuters: "Wirtschaftsweise sehen Risiken, aber keine Rezession"
Reuters: "Wirtschaftsweise kritisieren Geldschwemme unter Draghi"
RP Online: "Wirtschaftsweise uneinig über Rückkehr zur Neuverschuldung"