But we give guidance in our quarterly policy statements in October and again in January, which is to say that the tightening has peaked, and from here onwards, it’s that we’ve got to come down, that we have to start easing.
Estimates show that a fully harmonised digital internal market would raise economic output by 4%.9 Conversely, demographic change is among the main factors dampening long-term growth. Germany’s ageing population means a reduction in the number of potential workers. By the end of the next decade, the ratio of the population of usual working age to older citizens will shrink from 3:1 to roughly 2:1.