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Inside the G8: Why the Meeting Was Critical in the Effort to End Poverty

Jim Yong Kim's picture

LONDON -- I'm just back from the G8 meeting in Northern Ireland, and under the leadership of Prime Minister David Cameron, we focused on some critical but often overlooked elements on how the world can end extreme poverty in a generation: taxes, trade, and transparency. Watch the video to see why I feel so strongly about this.


 

A ladder, wood theft, and sustainability

Klas Sander's picture

Photo Credit: Klas Sander

Spring has arrived. Despite a late start, this winter lasted longer than usual in many countries, especially in various parts of Europe. And this year again, the melting snows reveal a trend that has been observed over the past several years: households are increasingly using wood to heat their homes. No, this time we are not talking about World Bank client countries where wood is known to account for large shares of energy consumption.

Prospects Daily: Spanish and Italian bonds advance…Investor confidence in Germany rises strongly..

Global Macroeconomics Team's picture

Financial Markets…Spanish and Italian government bonds bounced back from their earlier losses, with their benchmark 10-year yields dropping 6 basis points to 5.17% and 4 bps to 4.36%, as a report showed German investor confidence surged to the highest level in nearly three years this month, boosting risk-appetite for the region’s high-yielding debt. Notably, Spain sold €4 billion ($5.35 billion) of 3- and 9-month bills with an average yield of 0.421%, down from 0.441% in January auction.

Prospects Daily: Euro Area services PMI rises; Brazil’s industrial production slows; Philippines’ 2012 inflation improved

Global Macroeconomics Team's picture

Financial Markets…The Standard & Poor’s 500 Index added 0.1% in Friday morning trade and the dollar weakened 0.2% versus the euro after a U.S. Labor Department report showed a slightly slower than expected employment growth in December. The S&P500 has advanced 4.1% this week, gearing for its largest weekly gain in 13 months.

How Labor Market Reforms Underpinned Germany’s Resilience

Klaus Zimmermann's picture

"The biggest economy in the euro area, Germany's, is in a bad way. And its ills are a main cause of the euro's own weakness. [...] Thus the biggest economic problem for Europe today is how to revive the German economy."

This excerpt from The Economist in June 1999 illustrates that not so long ago, the "sick man in Europe" was Germany. The phenomenon of successive, recession-related waves of unemployment that ended up accumulating was considered to be a European problem, and Germany served as the prime example for the pattern of high and rising unemployment. The country faced severe problems in its labor market, which have often been linked to the high level of employment protection, high labor costs, and the strictly regulated labor market.

Prospects Daily: US consumer confidence falls; inflation moderated in Chile, Peru and Mexico but rose slightly in Brazil

Global Macroeconomics Team's picture


Financial Markets…U.S. Treasuries slid for the first time in four days, with the benchmark note yields 3 basis points to 1.62%, as a government report showed U.S. employers added more than forecasted jobs in November. U.S government bonds have advanced 2.8% this year as of yesterday, after gaining 9.8% in 2011 and 5.9% in 2010.

Prospects Daily: Japan’s GDP contracts at annualized 3.5% (q/q) in third quarter

Global Macroeconomics Team's picture

Financial Markets…Global stock markets fluctuated between gains and losses, following three consecutive days of losses last week, as strong Chinese exports data in October offset worries over a prospect of the so-called U.S. fiscal cliff and Greek woes. The benchmark MSCI global equity index just slipped 0.04% in afternoon trading.

Prospects Daily: Year-to-date global corporate bond sales rose to $3.43 trillion

Global Macroeconomics Team's picture

Financial Markets…Year-to-date global corporate bond sales rose to $3.43 trillion, already surpassing 2011’s full year total of $3.29 trillion, as further stimulus from global central banks pushed yields to record lows. Funding costs for the riskiest to the most creditworthy corporates are plunging as the persistent low-yield environment spurred unprecedented investor demand.

Istanbul Conference (Part I) - Germany's and Azerbaijan's Labor Market Reforms

Ulrich Hörning's picture

Governments worldwide are increasingly exploring policies that will remove the constraints or disincentives for individuals to have access to jobs. One set of interventions are active labor market programs. In Part 1 of a three-part series, we speak to Ulrich Hörning, Head of Administrative Reform in Mannheim, on Germany’s labor reforms of 2003-05. We also hear from Huseyn Huseynov, Advisor, Department of Social Protection Policy, Ministry of Labor and Social Protection of Population, Azerbaijan, who explains active jobs programs.

Prospects Daily: US treasuries gained and the benchmark 10-year bond yield edged down

Global Macroeconomics Team's picture

Financial MarketsUS treasuries gained and the benchmark 10-year bond yield edged down 1 basis point to 1.66%, after rising as high as 1.7% earlier, while the 30-year bond yield slid by 2 bps to 2.83% in early Friday session after a government report on wholesale price in September showed domestic inflation remained muted.


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