February 20, 2017
by Marcel Fratzscher
1 Comment

Germany’s savings madness

This text was also published in German in  ZEIT ONLINE on February 17,  as part of the op-ed column “Fratzschers Verteilungsfragen“.

Germany is generating substantial export surpluses – but the profits are being squandered abroad. The solution? Investing in Germany.

Since the year 2000, every German has lost an average of €7,500 euros in savings abroad.

How could that be? Didn’t our country just post a record surplus, exporting significantly more to its foreign partners than it is importing? Yes,

[continue reading]

August 5, 2015
by Marcel Fratzscher
0 comments

Greece’s debt burden can and must be lightened within the Euro

There will be no confidence and no growth in Greece without a solution to the debt problem.

by Armin von Bogdandy, Marcel Fratzscher and Guntram B. Wolff on 5th August 2015

Perhaps the greatest damage caused by the confrontation with Greece is a general loss of confidence. If we want to get Greece back to growth, people, companies and investors have to regain confidence in the viability of the country. For this to work, a legitimate and competent government

[continue reading]

April 13, 2015
by Marcel Fratzscher
0 comments

Expert Commission presents 10-point plan to increase investment, growth, and jobs

PK_Expertenkommission

The Expert Commission appointed by Federal Minister of Economic Affairs Sigmar Gabriel proposes a 10-point plan to lay a new foundation for increasing investment, growth, and jobs in Germany. With this, both the existing investment opportunities in the public sector as well as the framework conditions for private investment should improve – including through an investment pact for municipalities, the formation of a public infrastructure institution, and a public infrastructure investment fund. In the creation of a plan to “strengthen

[continue reading]

September 16, 2014
by Marcel Fratzscher
0 comments

“A force d’économies, notre patrimoine a perdu énormément de valeur”

This interview was first published in Les Echos on 15 September 2014.

Ancien économiste à la Banque centrale européenne, Marcel Fratzscher publie vendredi un nouveau livre «L’Illusion allemande», dans lequel il critique l’arrogance d’un pays qui se considère comme exemplaire mais dont l’économie présente aussi deréels handicaps.

Selon un rapport du Bundesrat, 20 % des autoroutes et 46 % des ponts routiers en Allemagne sont vétustes. Comment en est-on arrivé là ?

Jusqu’aux années 1980, l’Allemagne avait d’excellentes infrastructures et

[continue reading]

November 21, 2013
by Marcel Fratzscher
0 comments

Investment, not the surplus, is Germany’s big problem

This article was first published on FT.com on 18th November 2013.

Germany is under attack from the US government, the International Monetary Fund and the European Commission for its huge current account surplus. The criticism is right, but for the wrong reasons. The surplus is excessive, but the accusation that it hurts Europe is nonsense. Worse, it distracts German policy makers from tackling the true cause of the national surplus and the country’s economic Achilles heel: its huge private investment

[continue reading]