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)

Close-up photo as the annual report is handed by Monika Schnitzer, Chairwoman of the German Council of Economic Experts (Sachverstaendigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung), to German Chancellor Friedrich Merz, on November 11, 2026 at the Chancellery in Berlin. (Photo by RALF HIRSCHBERGER / AFP via Getty Images)

Close-up photo of the annual report handed by Monika Schnitzer, Chairwoman of the German Council of Economic Experts (Sachverstaendigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung), to German Chancellor Friedrich Merz, on November 11, 2026 at the Chancellery in Berlin. (Photo by RALF HIRSCHBERGER / AFP via Getty Images)

(L-R) Council member Gabriel Felbermayr, Chief of Staff and Minister for Special Tasks Nina Warken, German Economy and Energy Minister Katherina Reiche, German Finance Minister and Vice Chancellor Lars Klingbeil, Monika Schnitzer, Chairwoman of the German Council of Economic Experts (Sachverstaendigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung), German Chancellor Friedrich Merz, Council Members Veronika Grimm, Martin Werding and Achim Truger and German Minister for Labour and Social Affairs Alexander Schweitzer pose for a group photo during the presententation of the council's annual report to the Chancellor on November 11, 2026 at the Chancellery in Berlin. (Photo by RALF HIRSCHBERGER / AFP via Getty Images)

(L-R) Chief of Staff and Minister for Special Tasks Nina Warken, German Economy and Energy Minister Katherina Reiche, German Finance Minister and Vice Chancellor Lars Klingbeil, Monika Schnitzer, Chairwoman of the German Council of Economic Experts (Sachverstaendigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung), German Chancellor Friedrich Merz, Council Members Veronika Grimm and Martin Werding pose for a group photo during the presententation of the council's annual report to the Chancellor on November 11, 2026 at the Chancellery in Berlin. (Photo by RALF HIRSCHBERGER / AFP via Getty Images)

Monika Schnitzer (L), 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, 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), presents the council's annual report to German Chancellor Friedrich Merz on November 11, 2026 at the Chancellery in Berlin. (Photo by RALF HIRSCHBERGER / AFP via Getty Images)