## Germany: 2011 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Germany

_IMF Staff Country Reports, July 12, 2011_

## Source details

**Canonical URL:** [Germany: 2011 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Germany](https://www.imf.org/en/publications/cr/issues/2016/12/31/germany-2011-article-iv-consultation-staff-report-public-information-notice-on-the-executive-25028)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/germany-2011-article-iv-consultation-staff-report-public-information-notice-on-the-executive-25028/index.md)
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## Bibliographic details
- Published: July 12, 2011
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455296729.002

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### Overview and key findings
- The report explains Germany’s economic growth and recovery from the global crisis.
- Germany has a high current account and substantial international assets.
- External and financial shocks affecting Germany and outward spillovers to other economies are outlined.
- Stress tests confirm capital buffers in the German banking system.
- The banking system reflects significant policy measures and economic recovery.
- From a long-term perspective, rebalancing of public finances to promote growth is desirable.

### Policy measures and authorities' priorities
- Specific measures supported by the authorities include tax, education, and innovation policies.
- Emphasis on budget consolidation in Germany and rebalancing public finances to sustain growth.
- Deposit guarantee schemes regime and financial system financing considerations are discussed.

### Financial sector stability and banking
- Subject areas covered: Banking, Commercial banks, Cooperative banks, Financial institutions, Financial sector stability.
- The report assesses the Three-Pillar banking system and analyzes commercial banks and cooperative banks in the context of recovery.
- Stress tests were conducted to confirm capital buffers.

### External position and spillovers
- The report highlights Germany’s high current account and international asset position.
- External shocks and outward spillovers to other economies are outlined as important considerations.

### Labor, fiscal, and structural topics
- Subject areas covered include Corporate income tax, Labor, Public debt, government finance, and consumption-savings proportion.
- Structural policies discussed include education and innovation to support medium-term growth and rebalancing.

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- **_cr11168**
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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/germany-2011-article-iv-consultation-staff-report-public-information-notice-on-the-executive-25028_