Shadow Council
The Shadow Council's Decision

The majority of the shadow council members voted for a reduction of the central interest rate by half a percent. The shadow council expects a slowing of business activity during the winter months.

State of the economy: The majority of the shadow council members forecast slow business activity over the winter months. They expect a gradual recovery starting in the second quarter of next year. Nevertheless, most of the members warn that an economic downturn might take place. Almost all expect the inflation rate to sink under two percent starting next spring.

On to the shadow council members' forecast >>Table

Majority vote: Fourteen members (Artus, Callow, de Grauwe, Gros, Heise, Hüfner, Jimeno, Llewellyn, Mayer, Nerb, Ubide, Wadhwani, Walton und Wyplsosz) voted for a reduction of the central interest rate by half a percentage point to 2,75 percent.

Minority vote Four members ( Fels, Giavazzi, Polleit and von Hagen) voted to maintain the central rate at 3,25 percent.

On to the shadow cabinet members' votes >>Table

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