The situation on the international equity and bond markets is dramatic and threatens to deteriorate further. It is therefore more urgent than ever for Germany to restore its international competitiveness as quickly as possible,

This issue must now be at the centre of the coalition negotiations,

Trump’s tariffs are another reason for the current coalition talks to really focus on structural reforms and a sustainable strengthening of the domestic economy,

Germany has the firepower for subsidies, but I don’t think that it will and should be used for this purpose,

The unexpectedly huge and timely German fiscal stimulus can help to offset some of the trade war damage, but the risks to our forecasts are tilted towards lower growth,

We can't carry on as before,

Overall, the economic risks for 2025 are leaning towards a third consecutive year of recession,

We are of course monitoring the situation on the international financial markets very closely,

Especially in the key election themes: migration, the economy, cutting red tape. Merz has to pay back that debt,