German Economy and Energy Minister Katherina Reiche smiles during the presentation to the German Chancellor (unseen) of the annual report of the German Council of Economic Experts (Sachverstaendigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung) on November 11, 2026 at the Chancellery in Berlin. (Photo by RALF HIRSCHBERGER / AFP via Getty Images)

German Finance Minister and Vice Chancellor Lars Klingbeil looks on during the presentation to the German Chancellor (unseen) of the annual report of the German Council of Economic Experts (Sachverstaendigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung) on November 11, 2026 at the Chancellery in Berlin. (Photo by RALF HIRSCHBERGER / AFP via Getty Images)

German Finance Minister and Vice Chancellor Lars Klingbeil looks on during the presentation to the German Chancellor (unseen) of the annual report of the German Council of Economic Experts (Sachverstaendigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung) on November 11, 2026 at the Chancellery in Berlin. (Photo by RALF HIRSCHBERGER / AFP via Getty Images)

German Finance Minister and Vice Chancellor Lars Klingbeil makes a phone call during the presentation to the German Chancellor (unseen) of the annual report of the German Council of Economic Experts (Sachverstaendigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung) on November 11, 2026 at the Chancellery in Berlin. (Photo by RALF HIRSCHBERGER / AFP via Getty Images)

German Finance Minister and Vice Chancellor Lars Klingbeil makes a phone call during the presentation to the German Chancellor (unseen) of the annual report of the German Council of Economic Experts (Sachverstaendigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung) on November 11, 2026 at the Chancellery in Berlin. (Photo by RALF HIRSCHBERGER / AFP via Getty Images)

German Finance Minister and Vice Chancellor Lars Klingbeil makes a phone call during the presentation to the German Chancellor (unseen) of the annual report of the German Council of Economic Experts (Sachverstaendigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung) on November 11, 2026 at the Chancellery in Berlin. (Photo by RALF HIRSCHBERGER / AFP via Getty Images)

Monika Schnitzer, Chairwoman of the German Council of Economic Experts (Sachverstaendigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung), speaks during her presentation of the council's annual report to the German Chancellor, on November 11, 2026 at the Chancellery in Berlin. (Photo by RALF HIRSCHBERGER / AFP via Getty Images)

Monika Schnitzer, Chairwoman of the German Council of Economic Experts (Sachverstaendigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung), speaks during her presentation of the council's annual report to the German Chancellor, on November 11, 2026 at the Chancellery in Berlin. (Photo by RALF HIRSCHBERGER / AFP via Getty Images)