Overview
- Joachim Nagel calls for a longer working life to preserve prosperity in an aging Germany and to prevent a loss of competitiveness.
- Nagel says a moderate upswing is possible next year if “future” spending is well targeted, while the government forecasts 1.3% growth for 2026 on planned infrastructure and defense outlays.
- Calling the ECB’s decision to leave rates unchanged appropriate, he says the Bundesbank will assess fresh projections in December and keep all options open.
- He rejects using Bundesbank gold to relieve public finances, stating the reserves will not be sold.
- Verdi opposes raising the statutory retirement age, and DIW warns the coalition’s Aktivrente incentives could deepen inequality and cut tax revenue, with a reform commission due to begin work in early 2026.