Tesco
German Rebalancing
Report

German Rebalancing

Waiting for Godot?

Simon Tilford
CER, 2015
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Editorial Rating

8

Qualities

  • Well Structured
  • Overview

Recommendation

Thrift is prudent, but not to excess, says economist Simon Tilford. He takes the German government to task for a robust and enduring current account surplus, arguing that excessive savings are harming growth both at home and in the euro zone. He advises Germany to adopt reforms that can raise living standards and economic productivity. Tilford writes at a level accessible to the lay reader as well as the economist, and his articulate report makes several cogent, relevant observations. getAbstract recommends it to policy makers, investors, executives and euro watchers.

Take-Aways

  • Germans are saving too much and are investing and spending too little.
  • Germany’s enduring current account surplus – which reached 7.5% of GDP in 2014 – hinders domestic growth and leaves the euro zone in a moribund state.
  • More spending and investment would help advance the labor productivity needed to support an aging society, but Germany invests less than other developed nations.

About the Author

Simon Tilford is deputy director of the Centre for European Reform.

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