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Economic expertise :
Ulrike Malmendier
and
Martin Werding
complete
the five-person advisory board
Photo: Edward Caldwell / dpa
The words of welcome by
Christian Lindner
(43) for the two predestined members of the Advisory Council initially caused some irritation.
The Federal Minister of Finance wrote on Twitter that
Ulrike Malmendier
(48)
and Martin Werding
(58) "will support the most important economic advisory body in Germany in the future with their expertise on inflation and social security systems".
While monetary stability is one of the goals that the Advisory Board should pursue, alongside the highest possible level of employment, foreign trade balance and steady economic growth, special expertise on the country's social security systems has not been considered one of the Council's most prominent tasks.
But that could change now.
"The federal government urgently needs to initiate fundamental reforms of the social security systems," Werding told the "Handelsblatt" with regard to pension, nursing care and health insurance.
From the year 2035, the aging of society will unfold at an enormous pace.
"The really big pressure is still ahead of us."
Werding therefore recommended increasing the retirement age as life expectancy increases.
The economist Werding teaches social policy and public finances at the Ruhr University Bochum and is considered an expert on old-age security and family policy.
The financial market expert Malmendier, who was appointed to the Council with him, is researching at the US University of Berkeley on the formation of expectations of future inflation rates - a topic that is also particularly important in view of the currently high inflation.
For the first time, women are in the majority on the Council
The federal cabinet named the two "wise men" on Wednesday, who advise the federal government economically.
The two new members now only have to be formally appointed by Federal President
Frank-Walter Steinmeier
(66), so that the five-member body would be complete again after a long time - most recently the Council only had three members.
In addition, Malmendier was the first female professor from a top American university to join the Advisory Council.
Another premiere: For the first time, women will be in the majority in the Council of Experts, founded in 1963, because in addition to Werding and Malmendier, the two economists
Veronika Grimm
(50) and
Monika Schnitzer
(60) and the economist
Achim Truger
(53) are also represented here.
More than a year ago, the chairman
Lars Feld
(56) left the committee, the old federal government could not agree on an extension of his term of office or on a successor.
Feld is now working as a personal advisor to Minister of Finance Lindner.
Volker Wieland
(56) also
left the advisory board at the end of April, well before his term of office expired.
However, when fully staffed, the Advisory Board should now regain relevance.
Malmendier told the "Frankfurter Allgemeine Zeitung" that political advice is particularly useful when you are in the room.
It would be better to work in parallel with the legislation in a timely manner and thus be closer to politics, "instead of writing a fat annual report once a year".
But even the economic experts will not be able to avoid the task - the legal mandate stipulates that the council writes an annual report every year and publishes it by mid-November.
hr with news agencies
