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End of the Social Market Economy

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American Institute for Contemporary German Studies

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Partner:: American Institute for Contemporary German Studies
Location:: American Institute for Contemporary German Studies
Washington, D.C.
Event Date:: 12.14.06
Speakers:: Wolfgang Munchau,; Adam Posen
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Summary: The End of the Social Market Economy: Germany's Choices and Chances in Global Competition

Mr. Wolfgang Munchau, one of Europe's leading commentators on economic affairs and the author of the recently published book The End of the Social Market Economy (available in German), is a critical voice regarding the economics reforms being pursued in Germany. He warns that trying to reinvent the social market economic formula, which was so successful for Germany following World War Two, is a path that will not succeed. Instead, he argues that Germany needs more of a market economy, which in turn would result in more social justice. AICGS is very pleased to welcome Mr. Munchau to discuss his views on Germany's economy in a global context.

Before taking up this position in September 2003, he was co-editor of Financial Times Deutschland, the German daily financial newspaper, for two years. Prior to joining FT Deutschland, Mr. Munchau was a Frankfurt correspondent and later economics correspondent of the Financial Times, reporting on the preparation for the final stage of monetary union and the launch of the Euro. Between 1988 and 1995 he held several posts at The Times, including Washington and Brussels correspondent. In 1989 he was a recipient of the Wincott Young Financial Journalist of the Year award.

Dr. Adam Posen has been a Senior Fellow at the Peterson Institute since 1997. Dr. Posen's research covers macroeconomic policy under globalization, G-3 (US-EU-Japan) economic relations, and central banking issues. His forthcoming book, Reform in a Rich Country: Germany, will be published by the Institute in 2007.

Bio

Wolfgang Munchau

Wolfgang Munchau is an associate editor of the Financial Times, where he writes a weekly column about the European Union and the European economy. Before taking up this position in September 2003, he was co-editor of Financial Times Deutschland, the German daily financial newspaper, for two years. Before joining FT Deutschland, Mr Munchau was a Frankfurt correspondent and later economics correspondent of the Financial Times, reporting on the preparation for the final stage of monetary union and the launch of the Euro. Between 1988 and 1995 he held several posts at The Times newspaper, including Washington and Brussels correspondent. In 1989 he was a recipient of the Wincott Young Financial Journalist of the Year award. He holds an M.A. in International Journalism (City University) and Diplom-Betriebswirt (Reutlingen). His column appears on Mondays.

Adam Posen

Adam Posen is deputy director of the Peterson Institute for International Economics in Washington, DC, where he has been a senior fellow since 1997. His research covers macroeconomic policy under globalization, G-3 (US-EU-Japan) economic relations, and central banking issues. Dr. Posen is the author, coauthor, or editor of seven books: The Euro at Five: Ready for a Global Role? (Peterson Institute for International Economics, 2004); The Future of Monetary Policy (Blackwell, forthcoming); Inflation Targeting: Lessons from the International Experience (with B. Bernanke et al., Princeton, 1999); Japan's Financial Crisis and Its Parallels with US Experience (Peterson Institute for International Economics, 2000); Restoring Japan's Economic Growth (Peterson Institute for International Economics, 1998); and Stabilizing the Economy (Blackwell, forthcoming). His forthcoming book, Reform in a Rich Country: Germany, supported by a major grant from the German Marshall Fund of the United States, will be published by the Institute in 2007. He has also published over 30 articles in prominent academic journals and conference volumes, including in Brookings Papers on Economic Activity and NBER Macroeconomics Annual. Dr. Posen has been a visiting scholar and consultant at central banks worldwide, including the Bank of England, Deutsche Bundesbank, European Central Bank, and the Federal Reserve Board. He has been a consultant to several US government agencies, the International Monetary Fund, and the European Commission, as well as to leading multinational corporations and global financial firms. Often cited in the global press, his opinion pieces and columns have appeared in the Financial Times, the New York Times, the Wall Street Journal, the Washington Post, Die Zeit, and the Nihon Keizai Shimbun, among others.