In the DIHK Newsroom, you’ll find the latest press releases, statements, studies, and background information on the German economy—presented in a concise, well-organized, and always up-to-date...
The 'Wise Economic Expert' Veronika Grimm welcomes Markus Brunnermeier from Princeton University, who also gave the keynote speech on 'Economy in Transition'. On the left: Düsseldorf economics professor Justus Haucap, former chairman of the Monopolies Commission.
'We urgently need bold reforms,' said DIHK Chief Executive Officer Helena Melnikov at the opening of the conference. 'Close cooperation between politics, business, and science is very important for this.' Co-host Jörg Rocholl, President of ESMT, emphasized the scale of the challenge: 'Even if pensions or other reform projects are passed now—this is not the end of discussions.'
In his keynote on 'Economy in Transition', Princeton economist Markus Brunnermeier presents a '10-Point Agenda for Germany'. These include not only making the right individual decisions but also creating a 'new red thread' for an overall narrative. Instead of focusing on 'minimizing risks, fending off changes', Germany should develop more courage for 'experimenting and shifting to the new,' says Brunnermeier.
The Role of IHKs in Economic Transformation
Matthias Fonger, Chief Executive Officer of Bremen Chamber of Commerce and member of the Circle of Economists of the Chambers of Industry and Commerce, discusses the role of chambers in upcoming transformation processes. They promote resilience and create frameworks for businesses in a stable market economy.
Does the regulatory framework of the social market economy need adjustment? Very nuanced answers were discussed by (left to right) former Council of Economic Experts Chairman Lars Feld, Jörg Rocholl (ESMT), current Council of Economic Experts member Veronika Grimm, moderator Inga Michler, Stefan Kolev from the Ludwig Erhard Forum, Antje Rummer from FU Berlin, Nicola Fuchs-Schündeln from Goethe University Frankfurt, and Stefan Kooths from the Kiel Institute for the World Economy.
Growth Requires Change
More freedom and trust in the key players of companies, academia, and municipalities—that is what 'Wise Economic Expert' Veronika Grimm demands. These players need freedom to act, so that growth can emerge. Jörg Rocholl, her neighbor at the panel, points out misallocated capital in Germany: Around 40% of savings are held in current and savings accounts with negative real returns.
Small and medium-sized enterprises, in particular, often struggle with elaborate proofs of origin that they must provide for their products as part of international trade agreements, says Lisandra Flach from the ifo Institute in Munich, a native Brazilian. Therefore, the agreements must be made more SME-friendly and pragmatic.
Rainer Kambeck (right), himself an economist from academia and now as DIHK department head working daily at the interface between politics and business, has put together the program and the panels together with ESMT President Jörg Rocholl (left).
