Berlin. The president of the German Institute for Economic Research (DIW), Marcel Fratzscher, is calling for car-free Sundays and a national speed limit in response to the current energy crisis.
Germany's top economist proposes selling gold and banning Sunday driving
In an interview with the news portal T-Online, Fratzscher argued that global shortages of oil and gas necessitate a reduction in consumption. He criticized the government's fuel discount as counterproductive, saying it fails to sufficiently incentivize savings and instead drives up prices in other areas, such as groceries.
Fratzscher also warned of further rising food prices due to geopolitical tensions and potential energy supply disruptions. He sharply condemned the government's relief measures, dismissing them as a "deceptive package." In particular, he called the €1,000 subsidy for employees socially unbalanced, as it primarily benefits workers covered by collective bargaining agreements.
As an unconventional proposal, Fratzscher suggested selling part of Germany's gold reserves to ease the financial strain of the crisis. He noted that gold prices are at record highs and that the reserves could be "put to better use," such as investments in education or infrastructure. However, he acknowledged that the government would need to find a way to liquidate the gold, as it is managed by the Bundesbank.
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