ZEW President | Stability of equilibrium | External sector | Export | ZEW | Statement

The "Magic Square" (Magisches Viereck) is a concept many Germans learn about in school. It describes the four cornerstones of Germany's economy, enshrined in the 1967 Act to Promote Economic Stability and Growth: price stability, low unemployment, stable economic growth and balanced trade. While the first three of these cornerstones are easy to grasp, the fourth has proven quite slippery. What counts as balanced trade?

Questions & Answers
Distributive justice | Social justice | Social inequality | Voting behaviour | Germany

As German politicians gear up for the autumn 2017 federal elections, social justice is the issue of the day. Campaigns are promising education for upward mobility, fair wages, just income redistribution, and an examination of top executive salaries. There have also been calls for changes to Agenda 2010, a programme of fundamental reforms to the German welfare state and the labour market. The ZEW economist Andreas Peichl takes a critical look at perceived inequality in Germany, along with its effects on politics and voter behaviour.

commemoration | Europe | Regional government | Baden-Württemberg | ZEW
ZEW President Achim Wambach welcomed around 300 guests at the Lothar Späth memorial event in Mannheim.

As a result of globalisation and the associated phenomena of migration, climate change, and digitalisation, Europe now stands on the brink of enormous economic and social changes. Professor Lothar Späth, former Minister-President of Baden-Württemberg and one of the early initiators of the Centre for European Economic Research (ZEW), was ahead of his time in anticipating these challenges. At a memorial event jointly organised by the Baden-Württemberg state government and ZEW in Mannheim on 21 March 2017, ZEW President Professor Achim Wambach, Minister-President Winfried Kretschmann MdL, and EU Commissioner Günther H. Oettinger discussed Lothar Späth’s intellectual, economic, and political legacy, while noting the lessons it holds for Europe today.

Guests at ZEW
Human Resource Management | Social security | Economics of education | Labour Market | Visiting Researcher

Dr. Marco de Pinto was a visiting researcher in ZEW’s Research Department "Labour Markets, Human Resources and Social Policy" on 9 and 10 March 2017. He works as a research assistant at the Institute for Labour Law and Industrial Relations in the European Union (IAAEU) and in the department of Personnel Economics at the University of Trier. His research focuses on labour market economy, personnel and education economics, as well as international trade. During his visit, he worked with ZEW researchers on a joint research project that investigates the consequences of international trade for workers’ careers in local labour markets.

Real estate market | Real estate financing | DIFI Report

The German Real Estate Finance Index (DIFI) by ZEW and JLL has decreased by 16.4 points in the first quarter of 2017 to a current reading of minus 12 points. Following its fourth decrease in a row, the sentiment indicator for commercial property financing found itself in negative figures for the first time since the fourth quarter of 2012. A decrease was observed not only in the assessment of the situation over the past six months, but also in expectations for the coming six months, with the corresponding balances of positive and negative assessments sinking by 17.7 points to minus 1.3 points and by 14.9 points to minus 22.6 points respectively.


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