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OECD Economic Surveys: Germany 2010
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- Table of contents
- Executive summary
- Assessment and recommendations
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Chapter 1. Emerging from the crisis
- + The economy is coming out of a deep crisis…
- + … and the recovery will be slow
- + Repairing the damage done by the crisis
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The strong growth of the export sector and the current account surplus
- + Growth prior to the crisis was skewed towards exports…
- + … which was mirrored in a sizable current account surplus
- + A rise in corporate net lending…
- + … an increase in the household saving rate…
- … and a reduction in the budget deficit…
- + … led to an improvement in the international investment position
- + Drawing lessons from the crisis
- Notes
- Bibliography
- Annex 1.A1. Progress in structural reform
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Chapter 2. Facilitating structural change and preventing long-term unemployment
- + Employment reacted with a long lag to the recession…
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… but hours worked have been reduced significantly
- + Strict employment protection increases the risk of labour market duality
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Preventing the build-up of long-term unemployment
- Figure 2.7. Long-term and total unemployment
- + Spending on labour market programmes is skewed towards passive measures
- Intensifying job counselling and placement should be the priority…
- + … and requires institutional reforms of the Public Employment Service
- Training may be more effective in this recession
- + Hiring subsidies should be targeted
- Notes
- Bibliography
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Chapter 3. After the crisis: Bringing public finances back to a sustainable path
- + The economic crisis has reversed fiscal consolidation
- + A new fiscal rule will help to improve public finances…
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... though its design may need to be refined
- + The design of the equalization account might need adjustment
- A safety margin vis-à-vis the borrowing limit could avoid pro-cyclical behaviour
- A top-down budgeting approach could facilitate implementation of the rule
- The framework still contains some loopholes
- The stability council lacks independence
- Compliance with the new fiscal rule requires fiscal consolidation…
- + … which has to be achieved through a combination of expenditure cuts…
- + ... and revenue-raising measures
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Improving the structure of the tax base
- Notes
- Bibliography
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Chapter 4. The banking system: Lessons from the financial crisis
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The banking sector was hit hard in the crisis
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What factors led to the impact of the crisis on German banks and how to fix them?
- + The state-owned Landesbanken invested heavily in toxic assets…
- … due to governance problems,…
- … and the lack of a viable business model…
- + … helped by the long phasing-out period of government guarantees
- + German banks have a high leverage…
- + … and structurally low profitability
- Opening up the savings bank sector should be considered
- + The crisis revealed problems in banking regulation and supervision
- Notes
- Bibliography
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The banking sector was hit hard in the crisis
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Chapter 5. Structural reforms to lift potential growth in a globalised world
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Considerable scope remains to lift potential growth
- + Economic dynamism needs to be consolidated in export sectors and broadened elsewhere…
- … by making framework conditions more conducive to innovation and structural change
- + Product market regulation needs to become more competition-friendly
- + Innovation should become less dependent on currently strong sectors
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The education reform needs to continue
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Immigration policy needs to make Germany more attractive to high-skilled foreigners
- Notes
- Bibliography
- + Annex 5.A1. What factors were behind the German export boom?
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Considerable scope remains to lift potential growth
This 2010 edition of OECD's periodic survey of the German economy includes chapters covering emerging from the crisis, facilitating structural change and preventing long-term unemployment, bringing public finances back to a sustainable path, lessons from the financial crisis for the banking system, and structural reforms to lift potential growth in a globalised world.
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Book Details
Editors
Categories
Business & Economics > Economic Conditions
Publishers
Publication year : 2010
License: All rights reserved ©
Times read: 185
