A German Economics Minister to Seek Guidance from a Panel of Economists
In a move aimed at bolstering her economic advisory network, German Federal Minister of Economics, Katherina Reiche, is set to establish a new circle of economic experts who will provide her with direct counsel on a range of economic matters. According to a report by the German business daily, Handelsblatt, the group of experts is expected to comprise Veronika Grimm, Justus Haucap and Volker Wieland, all renowned economists in their respective fields.
The economists, who will take on the role of a advisory panel in a part-time, honorary capacity, will be free to communicate publicly and will not be employed directly by the ministry. Their role will be to offer guidance on both short-term and fundamental economic issues, supporting the minister in her decision-making process.
The composition of the expert group is still under discussion and formalities within the ministry need to be cleared before the panel can officially begin its work. A spokesperson for the ministry declined to comment on the report, citing a need for discretion.
Volker Wieland, a prominent economist, is the executive director of the Institute for Monetary and Financial Stability at Frankfurt’s Goethe University and a former member of the German Council of Economic Experts, a group of experts known for their economic insights. Justus Haucap, the founder of the Düsseldorf-based Institute for Competition Economics, previously served as the chairman of the German Monopolies Commission from 2008 to 2012. Veronika Grimm, a professor of energy systems and market design at Nuremberg’s Technical University, is currently a member of the German Council of Economic Experts.