SHACKLED BY THE DEBT BRAKE

GUSTAV HORN

SHACKLED BY THE DEBT BRAKE
Is the next serious crisis looming?

Whether Brexit or Trump - the global and European economy is also experiencing political turbulence. After a few years of economic recovery, the next crisis is already looming, with Germany teetering on the brink of recession. Investment in industry is collapsing, which is usually an early indicator of a crisis. This is not yet affecting the labour markets, but turbulence is to be expected.

At the same time, Germany is shackled by its debt brake and necessary investments have not been made for years. And in Austria, too, such an investment brake is to be enshrined in the constitution, which severely restricts the room for manoeuvre for an active economic policy. Economic policy expertise has not been recognisable at the top of government in this country for years anyway. In the public debate, all of this remains far too much below the perception threshold - although nothing affects the life chances of ordinary people as much as economic policy.

Gustav Horn, one of the leading economic experts in the German-speaking world, analyses the far too underestimated dangers and makes proposals on how governments, and social democracy in particular, should deal with this delicate situation in terms of economic policy.

Moderation Robert Misik, Author and journalist

Gustav A. Horn is one of the best-known German economists. He studied economics at the University of Bonn and at the London School of Economics. From 2005 to 2019, he was Director of the then newly founded Institute for Macroeconomics and Business Cycle Research (IMK) at the Hans Böckler Foundation. In 2012, he was appointed Professor at the University of Duisburg-Essen. He has been Chairman of the Keynes Society since 2019. He specialises in macroeconomics, business cycle analysis and European economic policy. With numerous media appearances, he has established himself as one of the most prominent voices against the prevailing market-liberal economics.