Stefan Gerlach's picture
Affiliation: 
BSI Bank
Credentials: 
Chief Economist

Voting history

German Council of Economic Experts' view of ECB policy

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Question 2: Do you agree that the ECB's monetary policy masks structural problems of member states?

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Answer:
Disagree
Confidence level:
Confident

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Question 1: Do you agree that exceptionally loose monetary policy by the European Central Bank is no longer appropriate?

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Answer:
Disagree
Confidence level:
Very confident

German current account surpluses

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Question 2: Do you agree that the German government should increase public spending given its persistently large current account surplus and given that it is part of the Eurozone?

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Answer:
Agree
Confidence level:
Confident
Comment:
More public spending on specific public infrastructure projects that pass a careful cost-benefit analysis and contributes to economic growth would be desirable. If very large German surpluses -- which reflect a saving-investment imbalance and not competitiveness -- were continue indefinitely, they could indeed become a threat to the euro area.

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Question 1: Do you agree that German current account surpluses are a threat to the Eurozone economy?

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Answer:
Agree
Confidence level:
Confident

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