The German Council of Economic Experts (Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung) has published its Annual Economic Report 2012/13 with the title "Stable Architecture for Europe – Need for Action in Germany."

"The economic momentum in Germany has progressively slowed in the course of 2012 in the wake of the euro crisis. The Council projects that gross domestic product will grow by 0.8 % in 2012. The deceleration in the pace of economic activity in Germany is expected to bottom out in the fourth quarter of 2012. It is likely that the German economy will pick up a little during 2013. The average annual growth rate of GDP in 2013 should equal this year's figure of 0.8 %."

The members of the Council are: Professor Dr. Peter Bofinger [Universität Würzburg], Professor Dr. Claudia M. Buch [Universität Tübingen/IAW], Professor Dr. Lars P. Feld [Universität Freiburg/WEI], Professor Dr. Dr. h.c. mult. Wolfgang Franz [Universität Mannheim/ZEW], (Vorsitzender), Professor Dr. Christoph M. Schmidt [Universität Bochum/RWI].

The Council has also issued a statement regarding banking union. The council members believe that a banking union is a necessary complement to other elements of the internal market. However, a banking union is a long-term project and not a solution to the acute problems in Europe’s banking sectors. The full statement can be accessed here: VoxEU.

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