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  Germany’s Coordinated Policy Response to the Energy Crisis: Shielding the Export-Led Model at all Costs

Di Carlo, D., Hassel, A., & Höpner, M. (2023). Germany’s Coordinated Policy Response to the Energy Crisis: Shielding the Export-Led Model at all Costs. LUHNIP Working Paper Series, 1/2023.

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Item Permalink: https://hdl.handle.net/21.11116/0000-000D-F8FB-1 Version Permalink: https://hdl.handle.net/21.11116/0000-000D-F8FC-0
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 Creators:
Di Carlo, Donato1, 2, Author                 
Hassel, Anke3, Author
Höpner, Martin1, Author                 
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1Politische Ökonomie der europäischen Integration, MPI for the Study of Societies, Max Planck Society, ou_1856345              
2Luiss Hub for New Industrial Policy and Economic Governance (LUHNIP), University Luiss Guido Carli, Rome, Italy, ou_persistent22              
3Hertie School, Berlin, Germany, ou_persistent22              

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 Abstract: The German government has taken decisive actions in response to the dual economic shocks linked to the Covid-19 pandemic and Russian gas supplies’ cut-off – with the main objective of protecting its export-oriented industrial economy. By engaging in "competitive corporatism," the coalitional government has worked closely with the social partners – especially representatives from the chemical and metalworking-engineering export sectors – to restore domestic firms’ cost competitiveness while providing social compensation to vulnerable households and individuals.

The government's concerted threefold strategy to uphold the export-led growth regime includes: (1) measures aimed at reducing firms’ energy costs; (2) in/direct measures aimed at controlling the rise of labour costs to prevent a wage-price spiral; (3) substantial state aid provided to ailing firms.
The scope of state intervention in Germany's economy is unparalleled, entailing significant fiscal outlays for protective measures, made possible by Germany’s advantageous sovereign refinancing capacity. Germany’s economic activism risks jeopardising the EU single market due to extensive state aid, especially since Germany resists joint fiscal resource pooling for EU-wide industrial policy.

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Language(s): eng - English
 Dates: 2023-11-202023
 Publication Status: Issued
 Pages: 18
 Publishing info: Rome : Luiss Hub for New Industrial Policy (LUHNIP)
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Title: LUHNIP Working Paper Series
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Pages: - Volume / Issue: 1/2023 Sequence Number: - Start / End Page: - Identifier: -