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Letter from the Chief Economist

Ludger Schuknecht was chief economist at the German Finance Ministry from 2011 to 2018. He headed the Ministry’s directorate-general for economic and fiscal policy strategy, international economy and finance for seven years. Since 2015, he regularly shared his views on the latest economic and fiscal policy topics.

Eu­rope must re­duce for­bear­ance risks

The chief economist’s last newsletter from July 2018 states that regulators have dealt effectively with well-known threats to financial resilience, but they rarely mention the consequences of delays and inaction in dealing with the problems of banks. Ludger Schuknecht and Levin Holle warn this might entail systemic problems.



  1. 7 December 2017

    Ben­e­fits of in­ter­na­tion­al co­op­er­a­tion

    The outcomes of Germany’s G20 presidency in the finance track demonstrate the benefits of international cooperation in challenging times, writes chief economist Ludger Schuknecht. With a central focus on the resilience of the G20 economies, digitalisation in the financial sector and the Compact with Africa, Germany's G20 presidency made vital contributions towards the improvement of global economic and financial governance.

  2. 23 November 2017

    No safe­ty with “Eu­ro­pean Safe Bonds”

    In a joint contribution for the German daily newspaper Frankfurter Allgemeine Zeitung MoF’s chief economist Ludger Schuknecht and his colleague Levin Holle, Director General for Financial market policy, share their opinion on the concept of European Safe Bonds (ESBies) and explain why they are not convinced that ESBies are the right instrument to foster stability and safety in European financial and debt markets.

  3. 9 October 2017

    Ex­it from the ex­traor­di­nary

    Which way is the right one going forward when it comes to macroeconomic policy? While some consider continuation of monetary stimulus to be the right solution, others would rather advise not to take the risks inherent to it any longer. Prior to the IMF’s annual meetings in Washington, D.C. this week MoF chief economist Ludger Schuknecht elaborates on the issue in the latest edition of the letter from the chief economist.

  4. 19 July 2017

    More debt is the last thing Eu­rope needs

    As economies perk up, governments should be balancing their budgets, not abandoning discipline, MoF’s Chief Economist Ludger Schuknecht states in his latest contribution for the Wallstreet Journal that was published on 18th July 2017.

  5. 27 June 2017

    Has the world been fit­ted with a debt straight­jack­et?

    The debt overhang is a severe risk for future growth and could become the breeding ground for new crises, says Germany’s 20 Finance Deputy and Chief Economist Ludger Schuknecht.