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Energy crunch - shortages of raw material: What is the medium-term outlook for the German economy?

Author

Listed:
  • Joachim Wuermeling
  • Wulf H. Bernotat
  • Ulrich Grillo
  • Werner Bohnenschäfer
  • Jochen Weise

Abstract

Increasing energy costs and raw material prices, insecurity with regard to the reliability of energy suppliers and shortages on the raw material markets - Joachim Wuermeling, Federal Ministry for Economics and Technology, sees the necessity for a new raw material strategy for Germany, which is currently being developed by the federal government together with the business sector. Wulf H. Bernotat, E.ON AG, stresses that European countries can no longer act independently in their energy policies if they wish to build up energy structures in Europe that are efficient and viable for the future. Jochen Weise, E.ON AG Ruhrgas, argues that policy-makers must act, pursuing the security of the energy supply as a key issue in foreign policy. Ulrich Grillo, Federation of German Industries - BDI, proposes a capital-intensive "national joint venture" that would bundle the raw materials interests. In the opinion of Werner Bohnenschäfer, Institute for Engergy and Environment - IE, businesses must adjust to a high price level for raw materials of all kinds in the medium term. In the longer term new technologies that use new composite materials, whose raw-material basis is unlimited, must be developed to safeguard competitiveness.

Suggested Citation

  • Joachim Wuermeling & Wulf H. Bernotat & Ulrich Grillo & Werner Bohnenschäfer & Jochen Weise, 2007. "Energy crunch - shortages of raw material: What is the medium-term outlook for the German economy?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 60(05), pages 03-19, March.
    • Handle: RePEc:ces:ifosdt:v:60:y:2007:i:05:p:03-19
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    References listed on IDEAS

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    1. Stephen P. A. Brown & Daniel Wolk, 2000. "Natural resource scarcity and technological change," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q1, pages 2-13.
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    More about this item

    JEL classification:

    • Q31 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Demand and Supply; Prices
    • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices

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