Germany: 2011 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Germany

IMF Staff Country Reports, July 12, 2011

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Canonical URL: Germany: 2011 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Germany

The report explains Germany’s economic growth and recovery from the global crisis.
Germany has a high current account and substantial international assets.
External and financial shocks affecting Germany and outward spillovers to other economies are outlined.
Stress tests confirm capital buffers in the German banking system.
The banking system reflects significant policy measures and economic recovery.
From a long-term perspective, rebalancing of public finances to promote growth is desirable.

Specific measures supported by the authorities include tax, education, and innovation policies.
Emphasis on budget consolidation in Germany and rebalancing public finances to sustain growth.
Deposit guarantee schemes regime and financial system financing considerations are discussed.

Subject areas covered: Banking, Commercial banks, Cooperative banks, Financial institutions, Financial sector stability.
The report assesses the Three-Pillar banking system and analyzes commercial banks and cooperative banks in the context of recovery.
Stress tests were conducted to confirm capital buffers.

The report highlights Germany’s high current account and international asset position.
External shocks and outward spillovers to other economies are outlined as important considerations.

Subject areas covered include Corporate income tax, Labor, Public debt, government finance, and consumption-savings proportion.
Structural policies discussed include education and innovation to support medium-term growth and rebalancing.