Germany: 2008 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Germany

International Monetary Fund

No 2009/015, IMF Staff Country Reports from International Monetary Fund

Abstract: This 2008 Article IV Consultation highlights that the financial market turbulence has exposed vulnerabilities in the German financial system. The German consumer’s conservatism under the current uncertain conditions will amplify the export slowdown, and investment decisions are likely to be postponed. Executive Directors have welcomed the German authorities’ continuing priority to maintain financial stability and stabilize the real economy. Directors have also noted that the global financial crisis has highlighted important vulnerabilities of the German financial system, which could be intensified by the economic slowdown in Germany.

Keywords: ISCR; CR; GDP; government; financial market stress; slowdown; Commerzbank; economic policy; bank bonds; CDS spread; deficit rule; liquidity rollover requirement; Commercial banks; Cooperative banks; Loans; Credit; Global; Europe (search for similar items in EconPapers)
Pages: 65
Date: 2009-01-21
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