German Council of Economic Experts
Encyclopedia
The German Council of Economic Experts or (Expert Council for the assessment of the macroeconomic Development) is a group of economists set up in 1963 to advise the German government
and Parliament
on economic policy issues. Every year the Council prepares the annual report which is published before or by November 15. The federal government
has to publish its comments and conclusions within eight weeks of the publication of the annual report. In the German media, the council is often referred to as the Five Sages of Economy ("Fünf Wirtschaftsweisen").
The Council has five members which are nominated by the federal government
and appointed by the president of Germany
.
Current members of the council are:
Cabinet of Germany
The Cabinet of Germany is the chief executive body of the Federal Republic of Germany. It consists of the Chancellor and the cabinet ministers. The fundamentals of the cabinet's organization are set down in articles 62 to 69 of the Basic Law.-Nomination:...
and Parliament
Bundestag
The Bundestag is a federal legislative body in Germany. In practice Germany is governed by a bicameral legislature, of which the Bundestag serves as the lower house and the Bundesrat the upper house. The Bundestag is established by the German Basic Law of 1949, as the successor to the earlier...
on economic policy issues. Every year the Council prepares the annual report which is published before or by November 15. The federal government
Cabinet of Germany
The Cabinet of Germany is the chief executive body of the Federal Republic of Germany. It consists of the Chancellor and the cabinet ministers. The fundamentals of the cabinet's organization are set down in articles 62 to 69 of the Basic Law.-Nomination:...
has to publish its comments and conclusions within eight weeks of the publication of the annual report. In the German media, the council is often referred to as the Five Sages of Economy ("Fünf Wirtschaftsweisen").
The Council has five members which are nominated by the federal government
Cabinet of Germany
The Cabinet of Germany is the chief executive body of the Federal Republic of Germany. It consists of the Chancellor and the cabinet ministers. The fundamentals of the cabinet's organization are set down in articles 62 to 69 of the Basic Law.-Nomination:...
and appointed by the president of Germany
President of Germany
The President of the Federal Republic of Germany is the country's head of state. His official title in German is Bundespräsident . Germany has a parliamentary system of government and so the position of President is largely ceremonial...
.
Current members of the council are:
- Wolfgang FranzWolfgang FranzWolfgang Franz is a German economist. He is professor of economics at the University of Mannheim. Franz also is the chairman of the German Council of Economic Experts since March 2009....
(May 1994 to February 1999, and since March 2003, Chairman since March 2009) - Wolfgang WiegardWolfgang WiegardWolfgang Wiegard is a German economist and member of the German Council of Economic Experts. He served as chairman of the council from April 2002 to March 2005....
(since March 2001, Chairman April 2002 to February 2005) - Peter BofingerPeter BofingerPeter Bofinger is a German economist and member of the German Council of Economic Experts. He is the only proponent of Keynesian economics in this council....
(since March 2004) - Beatrice Weder di MauroBeatrice Weder di MauroBeatrice Weder di Mauro is a Swiss economist. Since June 2004 she is a member of the German Council of Economic Experts, as the first woman and the first non-German in that council....
(since June 2004) - Christoph M. SchmidtChristoph M. SchmidtChristoph M. Schmidt is a German economist. He is the president of the RWI Essen and member of the German Council of Economic Experts....
(since March 2009)