Overview
- Nagel says an aging society requires longer careers to preserve the prosperity built after the war.
- He warns that failing to confront uncomfortable competitiveness issues risks a setback for Germany and Europe.
- He calls the ECB’s decision to hold rates appropriate and says December projections will guide any next steps.
- He rules out selling Bundesbank gold reserves to relieve the federal budget.
- The government still forecasts 1.3% growth in 2026, with planned infrastructure and defense spending expected to provide support.