The implications of Germany’s draft budget and response to the energy crisis

Germany’s cabinet recently approved a 2023 draft budget that foresees a sharply lower €17bn budget deficit in a bid to restore fiscal orthodoxy after the Covid crisis. Otmar Issing, the first chief economist of the European Central Bank (1998-2006) and former board member at Deutsche Bundesbank, joins OMFIF to discuss budgetary implications and policies to curb inflation. He also explores Germany’s response to the energy crisis, especially following a huge increase in gas prices triggered by Russia’s decision to sharply reduce supplies, as well as reflecting on the impact ten years on from then ECB President Mario Draghi’s ‘whatever it takes’ speech.

Speaker:
Otmar Issing, President, Center for Financial Studies, Goethe University Frankfurt, and former Member of the Board of the European Central Bank and the Bundesbank.

Timings:
14:00-15:00 (London)
09:00-10:00 (New York)
22:00-23:00 (Singapore)

This meeting will be conducted under the OMFIF Rules.

This virtual discussion is part of the OMFIF Institute for Economic and Monetary Policy, OMFIF’s core stream of activities covering economic and monetary policy and the political economy. OMFIF is an independent think tank for central banking, economic policy and public investment, providing a neutral platform for best practice in worldwide public-private sector exchanges worldwide. For membership enquiries please contact Jamie.bulgin@omfif.org, or for further information please see the OMFIF website.