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The ECB’s Strategic Review in 2020 may (slightly) change the inflation target
Jochen MoebertNils Burkhard
The global map shows the inflation targets of developed and emerging markets.
The global map shows the inflation targets of developed and emerging markets. In emerging economies central banks tend to have higher inflation targets than the central banks in their developed counterparts. The difference generally arises from their stronger inflation rates partly due to lower productivity in tradeable goods production in emerging markets. This key feature is likely to persist as the catch-up process of many emerging markets will continue for some time. [more]
A country’s prosperity is still closely linked to its energy consumption. As 80% of the global energy consumed is based on fossil fuels, high prosperity (measured as GDP per capita) tends to imply high per-capita CO₂ emissions. [more]
Between 2000 and 2018, German net energy imports declined by almost 12%. Oil and nuclear energy imports were down considerably as oil heating becomes less popular and the German government has decided to give up nuclear energy. [more]
In Germany, a decline in the labour force is inevitable. This can be seen from the recently published official 14th population projection. In this projection, the Federal Statistical Office took into account the past years‘ massive immigration. [more]
The German logistics sector has continued to increase its overall turnover, despite the industrial recession. Logistics, one of the biggest sectors in Germany, seems to have decoupled from the industry to some extent. This is quite unusual. [more]
Despite broad-based weakness in recent months, the stock of orders in German manufacturing remained on the uptrend, partly led by the lack of skilled labour and one-off factors in the auto industry (WLTP, diesel). [more]
German exporters have had to deal with numerous challenges over the last few years. Exports to the UK, Russia and Turkey have been unusually volatile and trended downwards. Nevertheless, aggregate German exports rose by more than 3% p.a. [more]
In 2017, Germany ran a trade surplus of around EUR 50 bn with the US. Exports came to roughly EUR 111 bn, compared with imports of around EUR 61 bn. It was the second-largest surplus in German-US merchandise trade. [more]