Versuche,die Robustheit der deutschen Volkswirtschaft zu verstehen

GDP and employment in Germany have been improving since the economic and financial crisis. This paper investigates where this stability comes from. Michael Hüther does not believe that the cheap euro alone accounts for the high level of German competitiveness. He stresses unique German features such as the advantages of collaboration through social partnership and interconnected networks, as well as the flexibility of the economic sectors. In addition, German social stability plays an important role. He warns about the risks that would accompany a reversal of supply side political reforms, a lack of development of the country’s digital infrastructure and a failure to take coming demographic changes into account.