Annual Report

The German Council of Economic Experts submits its report in mid-November of each year. In this section you will find selected chapters of the reports in english. Data of the charts and tables are available upon request (

Annual Report 2020/21
"Overcoming the Coronavirus Crisis Together; Strengthening Resilience and Growth"
Released on 11 November 2020

Annual Report 2019/20
"Dealing with Structural Change"
Released on 06 November 2019

Annual Report 2017/18
"Towards a Forward-Looking Economic Policy"
Released on 08 November 2017
Executive summary of the Annual Report 2017/18 (PDF)Chapter 1: Towards a forward-looking economic policy (PDF)
Chapter 2: Global economy picks up speed (PDF)
Chapter 3: Capacity overutilisation in the German economy continues to rise (PDF)
Chapter 4: Change of course in monetary policy and sustainable economic policy (PDF)
Chapter 5: Financial markets: Gaps in regulation, growing risks (PDF)
Chapter 6: Sound fiscal policy, especially in good times (PDF)
Chapter 7: Guarding against protectionism, supporting structural change (PDF)
Chapter 8: Labour market: securing the supply of skilled workers in the digital transformation (PDF)
Chapter 9: Income inequality: an in-depth analysis (PDF)


Annual Report 2016/17
"Time for Reforms"
Released on 02 November 2016
Executive summary of the Annual Report 2016/17 (PDF)
Chapter 1: Economic policy: Time for Reforms (PDF)
Chapter 2: Global economy: Risk of overburdening monetary policy (PDF)
Chapter 3: Germany: Expansionary monetary policy drives growth above potential (PDF)
Chapter 4: Brexit vote: Averting damage, strengthening Europe through subsidiarity (PDF)
Chapter 5: Low interest rates not appropriate for either euro area or Germany (PDF)
Chapter 6: European banking system unstable, reforms must continue (PDF)
Chapter 7: Pension provision: Strengthen the three pillar model (PDF)
Chapter 8: Influx of refugees: Integration as a key challenge (PDF)
Chapter 9: No surrender to entrenched unemployment (PDF)
Chapter 10: High redistribution, low mobility (PDF)
Chapter 11: The energy transition (Energiewende): Shifting towards a global climate policy (PDF)
Chapter 12: Transformation in China harbours risks (PDF)

Annual Report 2015/16
"Focus on Future Viability"
Released on 11 November 2015
Executive summary of the Annual Report 2015/16 (PDF)
Chapter 1: Economic Policy: Focus on Future Viability (PDF)
Chapter 4: Euro Area: Slow Down Bond Purchases, Speed up Reforms (PDF)
Chapter 5: Risks From low Interest Rates – Opportunities From the Capital Markets Union (PDF)
Chapter 6: New Challenges for Labour Market and Social Policy (PDF)
Chapter 7: Productivity: Adressing the Causes (PDF)

Annual Report 2014/15
"More confidence in market processes"
Released on 12 November 2014
Executive summary of the Annual Report 2014/15 (PDF)
Chapter 5: The long road to more financial stability in Germany and Europe (PDF)
Chapter 6: The German current account — Actionism is inappropiate (PDF)

Annual Report 2013/14
"Against a backward-looking economic policy"
Released on 13 November 2013
Executive summary of the Annual Report 2013/14 (PDF)
Excerpt from Chapter 3 (Part V, PDF)

Annual Report 2012/13
"Stable Architecture for Europe – Need for Action in Germany"
Released on 07 November 2012
Executive summary of the Annual Report 2012/13 (PDF)
Chapter 2: European economic policy: Stable architecture for Europe (PDF)
Chapter 3: Financial markets in Europe: From the Single Market to a Banking Union (PDF)
Chapter 5: Energy Policy: Boldly introduce more of a market – At a glance (PDF)

Annual Report 2011/12
"Assume responsibility for Europe"
Released on 09 November 2011
Executive summary of the Annual Report 2011/12 (PDF)
Chapter 3: Euro area in crisis (PDF)
Chapter 4: From banking crisis to debt crisis and back (PDF)
Chapter 6: Energy policy: Effective Energy Transition only in the European Context (PDF)

Annual Report 2010/11
"Chances for a stable upturn"
Released on 10 November 2010
Chapter 1 (PDF)

Annual Report 2009/10
"Securing the future through responsible economic policies"
Released on 13 November 2009
Chapter 1 (PDF)

Annual Report 2008/09
"Mastering the financial crisis – strengthening forces for grow"
Released on 12 November 2008
Chapter 1 (PDF)

Annual Report 2007/08
"The gains must not be squandered"
Released on 07 November 2007
Chapter 1 (PDF)

Annual Report 2006/07
"Conflicting interests – missed opportunities"
Released on 08 November 2006
Chapter 1 (PDF)

Annual Report 2005/06
"Seize the chance – boldly advance the reforms"
Released on 09 November 2005
Chapter 1 (PDF)

Annual Report 2004/05
"External successes – internal challenges"
Released on 12 November 2004
Chapter 1 (PDF)

Annual Report 2003/04
"Consolidate public finances – reform the tax system"
Released on 07 November 2003
Chapter 1 (PDF)
Complete Reports are only published in German.