Once upon a time, Germany was the embodiment of fiscal stability. Today, it is the worst performing major developed economy in the world. High energy prices due to Russia’s war in Ukraine and rising interest rates are among the reasons for the decline. But wider structural problems, such as a shortage of skilled labor, lack of innovation and slow wage growth are also pulling the brakes on Europe’s economic engine. The cocktail of challenges recently prompted Finance Minister Christian Lindner to describe his country as a tired man in need of a ‘good cup of coffee’ of structural reforms. So what changes are needed and how fast can they be implemented? Video features interview with Clemens Fuest, President of the Ifo Research Institute.


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