The German Federal Government intends to appoint the renowned economist Gabriel Felbermayr to the panel known as the 'Wirtschaftsweisen' (economic experts). According to government sources, the Federal Cabinet agreed on Wednesday on the current director of the Austrian Institute for Economic Research (Wifo) as the successor to Martin Werding, whose term ends in April.
Gabriel Felbermayr, who holds both Austrian and German citizenship, is known as an expert in international trade and foreign economics. Before his work at Wifo in Vienna, he led the Kiel Institute for the World Economy (IfW). His nomination comes at the suggestion of the employer associations because the expert council is traditionally staffed according to a specific proportion, where both employers and trade unions have the right to nominate one seat each.
Following the cabinet's decision, the final appointment by the Federal President is considered a formality. With Felbermayr, an economist with a strong connection to Austria will once again join Germany's most important economic policy advisory body. The expert council consists of five members and its task is to analyze the overall economic situation and point out negative trends, without making specific recommendations for action to politicians.
