They are among Germany’s leading economists and advise the government: the five economics. Who are they and what are their tasks?
Today their work for a whole year is made public: The five so-called economic experts have handed over their annual economic report to Federal Chancellor Olaf Scholz (SPD). In it, they assess the overall economic situation and foreseeable developments and give advice on how the federal government should tackle these issues. The council also assesses whether the government has so far adhered to its economic roadmap.
The body, which was founded in 1963, is officially called the “Council of Experts for the Assessment of Overall Economic Development”. The members are proposed by the federal government and appointed by the Federal President for a period of five years. Traditionally, however, the “Joint Committee of the German Commercial Economy” as representatives of employers and the trade unions as representatives of employees have the right to select one member each.
Women currently make up the majority on the board
For the first time since last year, a woman has been at the helm: Monika Schnitzer, Professor of Comparative Economic Research at the Ludwig Maximilians University in Munich. With the financial market economist Ulrike Malmendier and Veronika Grimm, professor of economics, women make up the majority on the Advisory Council for the first time. It is completed by the socio-economist Achim Truger and Martin Werding, professor of social policy and public finance.
The five councils usually meet once a month and produce an annual economic forecast that is published in mid-March. They also prepare special reports on specific problems or write short reports on unexpected developments. The annual report – their most important task – is published every year in November. Before the report is published, the economists no longer comment publicly so as not to reveal any tendency towards individual topics.