Healthy public finances and sustainable growth are key preconditions for stable money. This is why we also point out problems facing Germany – without, however, laying out a detailed agenda of reforms. But the Bundesbank already did that once before, in 2003.Germany was regarded at the time as the “sick man” of Europe. It is now held as a model worldwide.
If one looks at the 2003 proposals, though, not many have been implemented – apart from those regarding the labour market and pensions. Well, those are, after all, two extremely central policy areas, and it is not least thanks to these reforms that our economy is doing so well compared with other countries.