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Wenning warns: Germany needs courageous reforms for the recovery!
Joachim Wenning from Munich Re sees opportunities for Germany's economic recovery, but calls for reforms and reductions in bureaucracy by 2025.
Wenning warns: Germany needs courageous reforms for the recovery!
Joachim Wenning, CEO of Munich Re, commented on the economic situation in Germany today. In a recent interview, he expressed concern about the willingness of the population to perform and called on Germans to make a greater commitment to enable an economic recovery. Wenning emphasizes that this will not only require efforts, but will also require “impositions and cuts”. He praises the new federal government for its initial reform impulses and sees positive prospects for Germany and Europe in the current geopolitical situation, especially through possible investments due to the capital market flight from the USA.
Wenning also appeals to the government to push for an intelligent fight against bureaucracy. He calls for a well-thought-out strategy, especially when it comes to incentive systems for work and care. Despite the global challenges, he states that geopolitical circumstances do not pose any direct business risks for Munich Re. The company shows itself to be a long-term player in the reinsurance business that is operationally well positioned and has foresight. The Munich Re share is viewed as a basic investment in the DAX, which impresses with its defensive strength and a solid dividend.
Reducing bureaucracy and modernizing the state
A crucial point in this agenda is the introduction of a central digital platform for administrative services. This includes a mandatory citizen account and a digital identity for every citizen as well as specific access for companies, the self-employed and associations. The goal is to make it possible to start a business within 24 hours and to simplify social benefits for people in difficult life situations.
In addition, the federal government plans to increase efficiency in the federal administration by criticizing tasks and reducing duplicate structures. Current efforts to modernize service law are intended to attract skilled workers and make the public service more attractive. Innovative measures such as open handling of data and the use of artificial intelligence to automate administrative processes are intended to further increase efficiency. A key principle will be the “once only” data collection policy, which will allow citizens to submit data only once.
Another concern is reducing bureaucratic costs by a quarter by 2025, with an immediate program aimed specifically at small and medium-sized companies. In addition, an infrastructure future law is being sought, which is intended to accelerate the planning and approval of infrastructure projects. The strengthening of the judiciary is being promoted through digitalization and increasing staff, including through the introduction of a central justice portal that enables online civil processes.
However, the forecasts regarding the feasibility of these measures without additional financial costs still remain to be seen. The challenges are great, and while Wenning sees opportunities for an economic turnaround, the federal government is taking a path to lay the foundation for future growth impulses by reducing bureaucracy and modernizing.