German Council of Economic Experts

The German Council of Economic Experts (German: Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung) is a group of economists set up in 1963 to evaluate economic policies of the German government. In the media, the council is often referred to as the "Five Sages of Economy" (Fünf Wirtschaftsweisen), or simply the "Five Sages" (Fünf Weisen).

Every year the Council prepares an annual report which is published before or by November 15. The federal government has to publish its comments and conclusions within eight weeks of the publication of the annual report.

The Council’s secretariat is based at the Federal Statistical Office of Germany in Wiesbaden.

The Council has five members which – based on the recommendation of the Federal Minister for Economic Affairs and Energy – are nominated by the federal government and appointed by the President of Germany for a term of five years. Every membership expires on 1 March of the term’s final year. Traditionally, the Joint Committee of German Associations in Trade and Industry – including the Confederation of German Employers' Associations and 14 other leading business associations – and the country’s trade unions each nominate one member of the Council.

(in chronological order)

In the 1970s, the Council was one of the first global voices in favour of supply-side economics, including lower taxes and less government interference in the economy.

In 2002, the Council's annual report offered a blueprint for labour market reforms enacted by Chancellor Gerhard Schröder the following year.

In 2011, the Council proposed a plan for the issuance of collectivized European debt as part of a mechanism for contending with the European sovereign debt crisis.