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German central bank chief Joachim Nagel sounded an optimistic note on Wednesday about the outlook for the German economy, even though the country is expected to see a second straight year of economic contraction. According to Nagel, current difficulties, such as high inflation and interest rates, are only temporary.
The central bank chief criticised the media for its excessively negative coverage. “It seems that the newspapers want to outdo each other with scary news about the German economy,” he said at an event organised by the Association of German Family Businesses.
However, Nagel acknowledged that Germany faces a number of structural challenges, including high fuel prices, excessive bureaucracy and a shortage of skilled workers. In light of this, he urged far-reaching reforms in areas such as taxing carbon emissions, the organized participation of foreign workers and improving childcare. The Bundesbank president praised the federal government’s growth initiative, but stressed: “However, much still depends on implementation. There is still a lot to be done.”
Source: Reuters
Cover image is an illustration. Cover image source: Getty Images
