In this survey the manufacturing sector clearly stands out as one where firms are actively reviewing their business practices and, over recent times, they have been doing this more frequently (Graph 4). No doubt, more of this will be required over the years ahead.
The new borrowing shifts the burden into the future, where it joins the fiscal strains caused by climate change and population ageing. For the statutory pension insurance scheme, the Bundesbank has calculated a number of long-term scenarios and presented policymakers with various options for reform.1 National and international advisory bodies recommend linking the retirement age to life expectancy.