Monika Schnitzer, Chairwoman of the German Council of Economic Experts (Sachverstaendigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung), presents the council's annual report to German Chancellor Friedrich Merz as German Finance Minister and Vice Chancellor Lars Klingbeil (L) looks on, on November 11, 2026 at the Chancellery in Berlin. (Photo by RALF HIRSCHBERGER / AFP via Getty Images)