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Offbeat cabinet names new “economy”

18:50  10 august  2022
18:50  10 august  2022 Source:   dw.com

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The Bundeskabinett has named new “economy” - the advisory committee is now complete again after a long time. The economist Martin Werding and the financial market expert Ulrike Malmendier are new to the assessment of the overall economic development, as the Ministry of Economic Affairs announced.

Finanzmarktexpertin Ulrike Malmendier lehrt an der Universität Berkeley in Kalifornien. © Edward Caldwell/For Haas School of Business/DPA Financial market expert Ulrike Malmendier teaches at the University of Berkeley in California.

Malmendier and Werding become members of the Council of Experts on the assessment of the overall economic development, which are colloquially referred to as "economy". The committee advises the federal government. The two new members still have to be formally appointed by Federal President Frank-Walter Steinmeier.

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Minister of Economic Affairs and Climate Protection Robert Habeck (Greens) called Malmendier a worldwide renowned behavioral economist. For the first time, a professor from a top US university was able to win for working in the Council of Experts. Werding is a proven expert in labor and social policy as well as public finances.

Malmendier teaches at the University of Berkeley in California (USA). According to the ministry, it becomes the first member of the expert council to have a professorship outside of Germany. Werding is a professor of social policy and public finances at the Ruhr University Bochum.

In the future, women will be in the majority in the future. The Council recently only had three members.

The chairman Lars Feld had left more than a year ago, the old federal government had not been able to agree on an extension of his term in office and also did not have a successor. Volker Wieland had left the federal government's advisory committee at the end of April, far before his term. Werding and Malmendier are now completing the committee in which the economists Veronika Grimm, Achim Truger and Monika Schnitzer are previously represented.

Martin Werding ist Professor für Sozialpolitik und öffentliche Finanzen an der Ruhr-Universität Bochum. ©-/private/dpa Martin Werding is a professor of social policy and public finances at the Ruhr University Bochum.

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