Wave of bankruptcies in Germany – Update
In December, the number of corporate bankruptcies in Germany showed its first significant increase in a long time. In addition, the second lockdown is likely to cause the economy to contract again in the first quarter. We update our estimate of how high the wave of bankruptcies may come in.
Fed lets fiscal policy take over: In view of the additional stimulus program announced by the new U.S. president, the Fed can step aside for the time being in its efforts to combat the crisis. That is why we do not expect any new measures at the first Fed meeting in 2021 due next week.
