As of: February 28, 2024, 9:59 a.m
By: Bona Hyun
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Economist Malmendier advocates a tougher approach towards Vladimir Putin.
She calls for a boycott of Russian gas.
Berlin – The “Economist” Ulrike Malmendier has called on the EU to expand sanctions against Russia.
“The EU would be well advised to stop purchasing any more gas from Russia and to resolve possible problems in solidarity,” said the economist at the
Rheinische Post
on Wednesday (February 28, 2024).
There are now good substitutes.
“We are no longer threatened from this side, and at the same time a gas boycott could be effective,” said the member of the Advisory Council for the Assessment of Overall Economic Development, an advisory body to the federal government.
Sanctions against Russia: The effect so far has been “disappointing”
“The effect of the sanctions is disappointing.
“Russia’s economy is more resilient and apparently not as internationally interconnected as many Western experts thought,” said the economist.
Nevertheless, the screw on raw material sanctions should be tightened further.
Germany coped surprisingly well with the energy shock.
With a view to Germany's weak economic development, the economist said the figures point to a technical recession.
© Bernd von Jutrczenka/dpa
The economist is not alone with this demand.
Estonia's Prime Minister Kaja Kallas had also called for tougher sanctions against Russia.
“We have to think about unconventional solutions,” Kallas recently told Die
Welt
.
“There is one thing that Russia is afraid of, and that is the use of the assets that we currently have frozen.”
This money should be used to compensate Ukraine for the destruction of Russia's war of aggression, Kallas suggested.
Your country has already drawn up a law on this at the national level.
“It is clear that Russia is harming Ukraine through the war damage it is causing.
“So Ukraine has a legitimate claim against Russia,” said Kallas in justification.
Germany on the verge of economic crisis?
Economist sees three reasons for weak development
Malmendier also takes up Germany's weak economic development.
The numbers would indicate a technical recession.
The industry association DIHK even fears the biggest economic crisis in more than 20 years.
For only the second time in post-war history, there will likely be a phase of two consecutive years of declining economic output.
“As an industrial country, we came out of the Corona crisis with more difficulty than countries with little industry, which quickly benefited from the end of the restrictions,” said Malmendier.
On the other hand, Germany dealt with the energy crisis better than expected.
“What worries me is the weak potential growth – Germany remains below its potential in the long term,” she said.
From their point of view, there are three reasons for this: there is too little work being done in Germany and the volume of work is too low.
Secondly, the capital stock is outdated because the state and companies have invested too little.
“Thirdly, there are too few young companies that rely on artificial intelligence, biotech and environmental technology.” (bohy with agencies)