Objectives and Tasks
The Council of Economic Experts is an academic body advising German policy makers on questions of economic policy. It was set up by law in 1963 with the objective to assess the macroeconomic development of Germany. It also aims to aid the public and economically revelant institutions in making informed judgements about economic developments. It enjoys complete independence with respect to its advisory activities. The Council's reports and assessments have since become an essential part of German economic policy making and have notably influenced political decisions.
The following is a list of the Council's individual tasks according to its legal mandate:
- Analysing the current economic situation and its likely development.
- Examining ways and means of ensuring steady and adequate growth within the framework of the free market-economy system, whilst simultaneously maintaining high employment, price stability and a foreign trade equilibrium.
- While taking into account the accumulation and distribution of earnings and capital.
- Pointing out the causes of current and potential conflicts of macroeconomic demand and supply.
- Pointing out undesirable developments and examining ways and means of avoiding or eliminating these without suggesting specific economic or socio-economic measures.
In line with its legal mandate, the Council compiles and publishes an Annual Economic Report which is released in mid-November. In order to assess particular current problems and depending on the mandate issued by the government, the Council also prepares ad-hoc Special Reports. Since 2005, the Council has also been releasing Occasional Reports on selected topics upon the request of the Federal Government.
The Council of Economic Experts consists of five members who are specialists in the field of economic theory and economic policy. They are appointed every five years by the Federal President on the recommendation of the Federal Government. Reappointments are permitted. The Council then selects one of its members as chairperson for three years.
The Council of Economic Experts is supported by the Staff chaired by the secretary general. Furthermore, the Council resorts to the Liaision Office at the Federal Statistical Office in matters of organisation and statistics.