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  1. Ifo President Fuest Favours Eight Percent Inheritance Tax Flat Rate

    Jul 15, 2016: Ifo President Clemens Fuest favours an inheritance tax flat rate of eight percent in Germany. “That would be the simplest and fairest solution,” he said on Friday in Munich. Details

  2. Euro Area: Institutes Say Brexit Has Minor Negative Impact on Growth

    Jul 12, 2016: The results of the Brexit referendum have had a slightly negative impact on growth forecasts in the euro area. The three economics research institutes Ifo, INSEE and ISTAT expect economic output to increase by 0.4 percent in the third quarter, and by just 0.3 percent in the fourth quarter. "Without the referendum we would have expected growth to remain at around 0.4 percent in the fourth quarter", notes Atanas Hristov, Ifo Institute. "The referendum has significantly increased uncertainty. The short-term negative impact, however, should remain limited, while the medium-term effect will depend heavily on the new agreements reached between Britain and the EU." Overall, the annual growth rate for 2016 is expected to be around 1.6 percent. Details

  3. Brexit Referendum Will Only Put Slight Damper on German Economy

    Jul 6, 2016: The result of the Brexit referendum will probably only put a small damper on the German economy this year and in 2017, according to calculations by the Ifo Institute. Ifo’s latest figures indicate that growth in Germany will be around 0.1 percent lower than previously forecast for 2016 and 0.1 – 0.2 percentage points lower in 2017. These effects are due to weaker exports and investments. Details

  4. Results of the Ifo Business Survey for June 2016

    Ifo Business Climate Index for Eastern Germany Rises

    Jun 30, 2016: Ahead of the Brexit referendum, the Ifo Business Climate Index for trade and industry in the eastern German Länder rose marginally in June. Eastern German companies assessed their current business situation as somewhat better than last month and the six-month business outlook deteriorated only negligibly. Overall, sentiment remains positive. Details

  5. Credit Constraint Indicator - From the Ifo Business Survey for June 2016

    Credit Constraints Edge Upwards

    Jun 29, 2016: Credit constraints for German trade and industry crept up to 14.5 percent from 14.2 percent last month. This figure represents the share of companies reporting problems accessing bank credit. German firms still have no problems obtaining bank loans and this climate is not expected to change in the months ahead. Details

  6. Ifo President Fuest Fears Higher Minimum Wage Will Impact Refugee Integration

    Jun 28, 2016: The minimum wage increase is overhasty, according to Ifo President Fuest. "In view of the inflow of refugees I think it would have been better not to increase the minimum wage for the time being", he said on Tuesday in Berlin. "It is positive, however, that the Commission has not ceded to public demands to raise the minimum wage to above nine euros," he added. Fuest is a non-voting member of the Minimum Wage Commission. Details

  7. Economists Panel: Vast Majority Favours Raising Retirement Age

    Jun 28, 2016: The vast majority of German economics professors (61.2 percent) surveyed in this month’s Economists Panel conducted by Ifo and the Frankfurter Allgemeine Zeitung is in favour of raising the retirement age to over 67 years. Only 36.9 percent believe that the retirement age should remain fixed at 67, while just 1.9 percent would like to see a return to retirement at 65. "It is remarkable how many colleagues support raising the retirement age and see retirement as of the age of 63 as an economic policy error. That should give politicians food for thought,” said Niklas Potrafke, Director of the Ifo Center for Public Finance and Political Economy. Details

  8. Ifo Dresden Expects 1.7 Percent Growth in Eastern Germany and 1.8 Percent in Saxony

    Jun 28, 2016: Ifo Dresden expects real gross domestic product to grow by 1.7 percent for Eastern Germany (including Berlin) and 1.8 percent for Saxony. These forecasts almost correspond to the Ifo Institute’s forecast of 1.8 percent in 2016 for Germany as a whole. For 2017, Ifo Dresden expects growth of 1.3 percent for Eastern Germany (including Berlin) and 1.5 percent for Saxony, which are both slightly lower than the figure forecast by the Ifo Institute for Germany on the whole (1.6 percent). Details

  9. Ifo Export Expectations - Results of the Ifo Business Survey for June 2016

    Export Expectations Rise

    Jun 28, 2016: German businesses surveyed prior to the Brexit referendum expressed greater confidence in their exports. Export expectations rose to 8.1 balance points in June from 6.2 balance points in May, reaching their highest level since December 2015. German exporters held their ground in a weak global economic climate. Details

  10. Ifo Employment Barometer - Results of the Ifo Business Survey for June 2016

    Hiring by German Companies Continues Unabated

    Jun 27, 2016: German companies still plan to recruit new staff. The Ifo Employment Barometer edged downwards marginally to 108.0 points in June, versus 108.3 points in May. The employment dynamic nevertheless remains expansively oriented. Details

  11. Ifo Business Climate Germany - Results of the June 2016 Ifo Business Survey

    Ifo Business Climate Index Rises

    Jun 24, 2016: Sentiment in the German economy improved significantly ahead of the Brexit referendum. The Ifo Business Climate Index rose to 108.7 points in June from 107.8 points in May (seasonally adjusted). Satisfaction levels with the current business situation were only slightly higher, but the short-term business outlook improved significantly. The German economy remains buoyant. Details

  12. Ifo President Clemens Fuest Regrets Brexit

    Jun 24, 2016: Ifo President Clemens Fuest regrets the Brexit. "The decision by British voters in favour of a Brexit marks the defeat of common sense", said Fuest on Friday. Details

  13. Over a Third of German Manufacturers Fear Business Losses from Brexit

    Jun 22, 2016: Over a third of German manufacturers fear that a Brexit will negatively impact their business. The exact figure is 38 percent, according to data released by the Ifo Institute on Wednesday. Details

  14. Ifo President Fuest Criticises Constitutional Court

    Jun 21, 2016: Ifo President Clemens Fuest has criticised the OMT ruling by Germany’s Constitutional Court. “This represents an about-turn by the judges compared to the order for reference of 2014. They have not dared to rein the European Central Bank‘s (ECB) government bond buying to any greater degree than the European Court of Justice (ECJ),” said Fuest on Tuesday. Details

  15. Ifo President Fuest Criticises German Inheritance Tax Reform

    Jun 20, 2016: Ifo President Clemens Fuest has criticised the decisions taken over inheritance tax in Germany. "Politicians have once again missed an opportunity to fundamentally reform inheritance tax", Fuest said on Monday in Munich. Details

  16. Ifo Institute Upwardly Revises Forecast to 1.8 Percent Growth

    Jun 16, 2016: The Ifo Institute has upwardly revised its growth forecast to 1.8 percent for this year. In the Spring 2016 Joint Economic Forecast prepared with Germany’s other leading economic research institutes the forecast was just 1.6 percent. "The first quarter of 2016 was better than expected. The moderate upturn in the German economy that started in 2014 is entering the second half. It may even run into extra time,” said Timo Wollmershäuser, Interim Director of the Ifo Center for Business Cycle Analysis and Surveys. The growth rate is expected to decline only slightly to 1.6 percent in the year ahead. Details

  17. Business Climate for German Architects Hits Record High

    Jun 9, 2016: The business climate for freelance architects in Germany has hit a record high, according to the latest Ifo Architects Survey. The business climate, which is based on indicators for the current business situation and expectations, last scaled comparable heights in the wake of German Reunification during the first half of 1990. Details

  18. Ifo President Fuest Opposes Direct Purchase of Corporate Bonds

    Jun 8, 2016: Ifo President Clemens Fuest has criticised the European Central Bank (ECB) for its latest move to buy bonds directly from companies. Details

  19. Credit Constraint Indicator - From the Ifo Business Survey for May 2016

    Credit Constraints Unchanged

    May 31, 2016: The financing environment for German companies remains very favourable. The credit constraints for industry and trade, i.e. the percentage of companies that report problems in borrowing, remained unchanged in May at 14.2 percent. Details

  20. Results of the Ifo Business Survey for May 2016

    Ifo Business Climate Index for Eastern Germany Rises

    May 30, 2016: The Ifo Business Climate Index for industry and trade in eastern Germany rose sharply in May. The eastern German companies were clearly more satisfied with their current business situation. They also noticeably upgraded their business expectations for the coming half year. Business confidence has improved in all four main survey sectors. Details

  21. German Minimum Wage Detrimental for the “Internship Generation”

    May 27, 2016: The new minimum wage law in Germany has eliminated numerous internship positions. This is the result of the latest Ifo Personnel Manager Survey, conducted for Randstad Deutschland, which was published on Friday. The number of companies offering internships has roughly halved. Before the introduction of the minimum wage, 70% of the companies said they offered voluntary internships, a number which has now fallen to 34%. This is also the case for compulsory internships, where the percentage of companies likewise fell from 62% to 34%. Details

  22. Ifo Employment Barometer - Results of the Ifo Business Survey for May 2016

    German Companies Continue to Hire

    May 27, 2016: German companies plan to continue hiring new employees. The Ifo Employment Barometer stands unchanged at 108.2. The employment dynamics in German thus remain slightly expansionary. Details

  23. Ifo Export Expectations - Results of the Ifo Business Survey for May 2016

    Rising Export Expectations

    May 26, 2016: German businesses are somewhat more confident with regard to export growth. Export expectations rose from 4.1 in the previous month to 5.9 balance points in May. Global economic momentum remains weak and German exports will only grow slightly as a result. Details

  24. Ifo Business Climate Germany - Results of the May 2016 Ifo Business Survey

    Ifo Business Climate Index Rises

    May 25, 2016: Business confidence in German industry and trade has improved in all four main sectors. In construction a new record high has even been reached. The Ifo Business Climate Index rose from 106.7 points in April (this figure was revised due to the seasonal adjustment) to 107.7 points in May. The companies are significantly more satisfied with their current business situation. In addition, they are noticeably more optimistic with regard to the coming months. The German economy is growing at a robust pace. Details

  25. Economists Panel

    May 24, 2016: An overwhelming majority of German economists is opposed to the UK leaving the European Union, as the Ifo Institute has determined. The latest Economists Panel survey by the Ifo Institute together with the Frankfurter Allgemeine Zeitung shows that 85 percent of the respondents are against it, only 10 percent are in favour. “This result fits surprisingly well with the opinion voiced by the experts in the World Economic Survey (WES) of the Ifo Institute. In April, WES polled more than 700 experts from 113 countries on Brexit: 86.6 percent of the respondents were against it”, remarked Niklas Potrafke, head of the Ifo Center for Public Finance and Political Economy. Details

  26. 165 Violations of the EU Deficit Criterion

    May 23, 2016: In 165 instances, EU states have violated the three-percent hurdle for budget deficits. In only 51 cases was this permissible because the respective countries were in recession, the Ifo Institute reported on Monday, citing the latest figures of the EU Commission. In 114 cases it was not permissible. Details

  27. Ifo President Fuest Opposes Brexit

    May 11, 2016: Ifo’s new President Clemens Fuest has voiced his opposition to Britain’s exit from the EU. “A Brexit would be highly detrimental to all involved,” he said on Wednesday in Dresden. “Germany would be the EU’s biggest loser since Britain is a key market for its exports. Germany would also lose a key ally within the EU in terms of promoting free trade. As for Britain, it would damage itself with a Brexit, as the EU is its biggest export market.” Details

  28. Results of the Ifo World Economic Survey (WES) of 2nd quarter 2016

    Ifo World Economic Climate Brightens Slightly

    May 11, 2016: The world economic climate improved slightly this quarter. The Ifo Index for the world economy rose from 87.8 points to 90.5 points, thus approaching its long-term average of 96.0 points. Although assessments of the current economic situation deteriorated marginally, economic expectations were more positive than last quarter. Experts expect the world economy to grow by 2.0 percent in 2016 and its recovery remains moderate. Details

  29. Ifo President Clemens Fuest Opposes Abolition of 500 Euro Banknotes

    May 4, 2016: Ifo President Clemens Fuest opposes the abolition of the 500 euro banknote. "The abolition of the 500 euro banknote undermines confidence in the European Central Bank (ECB). It will inevitably create the impression that the main reason for withdrawing the banknote is to push negative interest rates even lower,” Fuest said on Wednesday in Munich. Details

  30. Advance results of the Ifo World Economic Survey (WES) of 2nd quarter 2016

    Ifo Economic Climate in the Euro Area Continues to Cloud Over

    May 3, 2016: Economic sentiment in the euro area weakened. The Ifo Index for the economic climate in the euro area continued to fall, declining from 118.9 points to 112.7 points in the second quarter. The index nevertheless remains above its long-term average. The economic climate deteriorated due to both less favourable assessments of the current economic situation and slightly more sceptical business expectations. According to the survey results, economic growth will reach 1.6 percent this year. There are still no signs of a sweeping economic recovery in the euro area. Details

  31. Credit Constraint Indicator - From the Ifo Business Survey for April 2016

    Credit Constraints Hit Historic Low

    Apr 29, 2016: The credit constraints for industry and trade plunged to a historic low of 14.2 percent in April from 15.2 percent last month. Credit constraints dropped in all sectors, marking a further improvement in the financing environment for German companies. This was mainly due to the European Central Bank flooding the markets with money. Details

  32. Results of the Ifo Business Survey for April 2016

    Ifo Business Climate Index for Eastern Germany Rises Slightly

    Apr 28, 2016: The Ifo Business Climate Index for the eastern German Länder rose again slightly in April after three consecutive decreases. Eastern German survey participants’ assessments of their current business situation were marginally better than last month. Their business expectations also brightened slightly. Details

  33. Fuest Proposes Subordinated Bonds for Euro Countries

    Apr 28, 2016: Ifo President Clemens Fuest has proposed a new type of bonds for overcoming the debt crisis in the Eurozone. “For new borrowing in excess of 0.5 percent of annual economic output, which is the upper ceiling agreed in the European fiscal pact, governments should be required to issue subordinated bonds (called ‘Accountability bonds’),” Fuest said in Munich. Details

  34. Ifo Employment Barometer - Results of the Ifo Business Survey for April 2016

    German Companies Plan to Recruit More Staff

    Apr 27, 2016: German companies are planning to recruit more staff. After three consecutive decreases, the Ifo Employment Barometer rose to 108.1 points in April from 107.4 points in March and the employment dynamic gained impetus. Details

  35. Ifo Export Expectations - Results of the Ifo Business Survey for April 2016

    Export Expectations Fall

    Apr 26, 2016: German companies are less confident in export growth. Export expectations fell to 4.0 balance points in March from 6.3 points in April. The flagging dynamic in the world economy is continuing to curb growth in German exports. Details

  36. Economists: Income Inequality on the Rise Since 2000

    Apr 25, 2016: A majority of German economics professors believes that income inequality in Germany has increased since the turn of the millennium. These are the results of the Economists Panel, a monthly survey of German university professors jointly conducted by the Ifo Institute and the Frankfurter Allgemeine Zeitung. The survey results show that 63 percent of professors see an increase in income inequality since 2000,while 21 percent do not; and 16 percent are undecided. Details

  37. Ifo Business Climate Germany - Results of the April 2016 Ifo Business Survey

    Ifo Business Climate Edges Downwards

    Apr 25, 2016: The mood in the German economy remains positive. The Ifo Business Climate Index for German industry and trade dropped to 106.6 points in April from 106.7 points in March. Although companies were somewhat less satisfied with their current situation, their business expectations brightened once again. The moderate upturn in the German economy continues. Details

  38. Ifo President Fuest Praises and Criticises the European Central Bank

    Apr 21, 2016: Ifo’s new President Clemens Fuest has praised ECB President Mario Draghi for dropping the helicopter money idea. “I think it was a good move. Helicopter money would undermine the credibility of the ECB’s monetary policy,” said Fuest on Thursday in Munich. Draghi previously stated: “The concept was never discussed.” According to Fuest, Draghi was right to say that national governments had “done far too little to date” in terms of implementing reforms. “Attention should be paid to his warning. Monetary policy cannot serve as a substitute for reforms. Politics urgently needs to address this situation,” said Fuest. Details

  39. Wages in Eastern Germany Will Lag Behind Western German Levels for Decades

    Apr 21, 2016: It will take decades for Eastern German wages to reach the average level seen in Western Germany, according to new research by the Dresden Branch of the Ifo Institute published on Thursday. Details

  40. Person Controls in the Entire Schengen Area Cost 53 to 130 Euro per Capita

    Apr 18, 2016: Systematic controls of persons at all Schengen borders would lower the economic output of the 27 EU countries by 0.19 percent to 0.47 percent. That would equal 26.65 to 65.8 billion euros or 52.74 to 130.28 euros per capita, according to new calculations by the Ifo Institute published in its Research Report 73. Details

  41. Joint Economic Forecast Spring 2016: Upturn Remains Moderate – Economic Policy Lacks Growth Orientation

    Apr 14, 2016: Economic research institutes now estimate that gross domestic product will increase by 1.6 percent in 2016, instead of 1.8 percent as forecast in autumn 2015. Details

  42. Chernobyl Damages Far Higher Than Previously Calculated

    Apr 13, 2016: The economic damages caused by the nuclear reactor catastrophe in Chernobyl 30 years ago are significantly higher than previous calculations suggested. These are the findings of a study jointly conducted by researchers at Ifo and the Catholic University of Eichstätt-Ingolstadt and published in the latest ifo Schnelldienst. Details

  43. Institutes Expect 0.4 Percent Quarter-on-Quarter GDP Increase in Eurozone

    Apr 12, 2016: Economic output in the Eurozone will increase by 0.4 percent during the first three quarters of this year respectively, according to the three research institutes Ifo (Munich), INSEE (Paris) and ISTAT (Rome). Details

  44. Ifo Institute Criticises Slow Pace of Reform in Greece

    Apr 11, 2016: The Ifo Institute has criticised the slow pace of reform in Greece. “The requirements of the third bailout package for Greece have only been half-heartedly implemented in the last seven months, but fresh funding is being used,” said Niklas Potrafke, Director of the Ifo Center for Public Finance and Political Economy on Monday in Munich. Details

  45. Controls on Persons Lower Bavarian Economic Output by 31 to 77 Euros per Capita

    Apr 8, 2016: Systematic controls of persons at Bavaria’s borders with Austria, at the Brenner pass and along the Balkan route would reduce the German federal state’s annual economic output by 400 to 990 million euros. This figure would be equivalent to 0.07 to 0.18 percent or 31 to 77 euros per capita of Bavaria’s population. These are the findings of a research report by the Ifo Institute to be released shortly. Details

  46. Hans-Werner Sinn Named University Professor of the Year

    Apr 5, 2016: The German Association of University Professors and Lecturers (DHV in German) has named former Ifo President and Professor emeritus at the University of Munich Hans-Werner Sinn as “University Professor of the Year”. The award of 10,000 euros was presented at the German Academia Gala event held on Monday evening in Berlin. According to DHV’s research, Sinn is the most frequently cited economist in Germany and one of the world’s most widely-read economists. Details

  47. Clemens Fuest New President of the Ifo Institute

    Apr 1, 2016: The new Ifo President Clemens Fuest assumed office in Munich on Friday. “I’m very much looking forward to my new responsibilities and thank the institutions of the Ifo Institute and the University of Munich for the confidence they have placed in me”, he said. “I especially want to thank my predecessor, Hans-Werner Sinn, who successfully led the Ifo Institute over the past seventeen years. He is also the founder of the CESifo Research Network that connects researchers from more than 40 countries worldwide and regularly holds conferences for them.” Fuest also stated that he will bring his own research interests to Ifo. “These include areas such as tax policy and the economic aspects of European integration.” Details

  48. Sinn Opposed to Abolishing the 500 Euro Note

    Mar 31, 2016: Ifo President Hans-Werner Sinn has expressed his opposition to the abolition of the 500 euro notes, to an upper limit on cash payments and to negative interest rates. "The European Central Bank (ECB) wants to prevent banks from hoarding cash in order to force them to pay negative deposit rates. If they succeed, savers are also likely to pay penalty interest on their deposits”, he said in Munich on Thursday. “Doing away with the 500 euro banknotes will enable the ECB to increase the penalty interest rate from 0.4 percent to 0.75 percent, because it is more expensive for the banks to hoard cash in the form of 200 euro notes. If this leads to a corresponding decline in the whole interest rate spectrum, Germany, the second largest creditor in the world, would lose an additional eight billion euros in revenue annually.” Details

  49. Work Begins on the Joint Economic Forecast

    Mar 31, 2016: Work has begun on the biannual Joint Economic Forecast of the German economic research institutes at the Ifo Institute, the host for the coming forecast. Timo Wollmershäuser, head of the Ifo Center for Business Cycle Analysis and Surveys, commented on the current economic situation. Details

  50. Sinn’s Last Week at Work Begins

    Mar 29, 2016: Hans-Werner Sinn has begun his last week at work as President of the Ifo Institute. On Thursday 31 March Sinn will retire as Ifo President after 17 years of service in one of Europe's most important economic research institutes. “I feel like a traveller who has arrived at the inn and can lay down his backpack,” he said on Tuesday in Munich. “And I am looking forward to a life-long sabbatical to do whatever research I like.” Sinn will retain an office at the Ifo Institute. Speaking of his successor Clemens Fuest, Sinn said: “I cannot imagine anybody who would be better for the job. I am delighted that he has accepted the position. Clemens is an excellent and extremely successful economist, who has published in the best peer-reviewed journals. As a public finance expert, he has the overview of all subsections of economics that is re-quired in such a role.” Details


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Harald Schultz

Ifo Institute
Press, Publications, Conferences
Phone: +49(0)89/9224-1218
Fax: +49(0)89/9224-1267
Email: schultz @

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