: +49 (0)69 9566 3511, fax: +49 (0)69 9566 3077 presse@bundesbank.de, www.bundesbank.de Reproduction permitted only if source is stated. However, looking back at the financial crisis, during which entitlement to short-time working benefits had already been extended to up to 24 months, there is no evidence that structural change was held back.
6 Rather, shorttime working benefits are regarded as a key reason why Germany emerged from that crisis relatively unscathed. But perhaps the misguided incentives weigh more heavily today than they did back then. You see, the pandemic certainly has the potential to significantly accelerate the pace of structural change in our economy.