## Germany: Staff Report for the 2004 Article IV Consultation

_IMF Staff Country Reports, November 2, 2004_

## Source details

**Canonical URL:** [Germany: Staff Report for the 2004 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/31/germany-staff-report-for-the-2004-article-iv-consultation-17814)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/germany-staff-report-for-the-2004-article-iv-consultation-17814/index.md)
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## Bibliographic details
- Published: November 2, 2004
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451810479.002

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### Executive summary
- Profitability in nonfinancial firms has picked up.
- Corporate balance sheets are being repaired.
- Important headway has been made over the past year in addressing deep-seated structural problems.
- The financial sector is recovering, and updated stress tests confirm the system’s resilience.
- Progress in market-driven restructuring has been slow.
- Important strides have been made in pension and health care reform.
- Reforms of unemployment benefits have been advanced.

### Major themes and analysis
- Structural reform
  - Significant policy progress on deep-seated structural problems over the past year.
  - Notable reforms in pension and health care systems.
  - Reforms to unemployment benefits implemented.

- Corporate sector developments
  - Improved profitability in nonfinancial firms.
  - Repair of corporate balance sheets underway.

- Financial sector resilience
  - Financial sector recovery observed.
  - Updated stress tests confirm the system’s resilience.
  - Market-driven restructuring has proceeded slowly despite recovery.

### Subject classification and keywords
- Subject: Expenditure, Labor, Labor markets, Labor policy, Wages
- Keywords: CR, deficit, expectations component, Global, growing, growth outlook, headline inflation, ISCR, labor market, Labor markets, Labor policy, near-term prospect, outlook, retirement age, Wages

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/germany-staff-report-for-the-2004-article-iv-consultation-17814_