"ECB Lowers Interest Rates: The Fight Against Inflation Continues". "Draghi Warns of 'Existential Challenge'". "Economic Forecast: How the German Economy Can Regain Momentum". We read in the media almost daily about new political events, economic forecasts, and geopolitical developments. Only by understanding economic and political interconnections can the consequences of such events be properly assessed and forward-looking decisions made. Experts like Christian Osterhold, whose extensive experience in economic and monetary policy enables them to analyze complex developments and formulate actionable recommendations, play a crucial role in such assessments.

After earning a bachelor's degree in economics from the University of Münster, Mr. Osterhold completed his master’s degree at the Nova School of Business and Economics in Lisbon. He gained his first practical experience in empirical economic research as a visiting researcher at the Portuguese Ministry of Finance. Following a position in the monetary policy department of the European Central Bank, Christian Osterhold joined the German Federal Ministry of Finance in Berlin in 2019. In this role, he served as a financial attaché at the Permanent Representation of Germany to the EU in Brussels, among other responsibilities. Currently, he works in the policy department for financial aspects of European politics.

Mr. Osterhold, throughout your career, you have lived and worked in different countries. What fascinated you most about the international experience? Were there particular moments or insights that have had a lasting impact on your career?

Undoubtedly, the people I met along the way. Engaging with individuals from different countries and cultures gave me new perspectives and often prompted me to critically reevaluate my own views. I was especially surprised by how well-informed my European counterparts were about German politics. Our European neighbors closely observe decisions made in Germany, which reinforced my impression that we in Germany often focus too much on ourselves, despite being so deeply interconnected with Europe economically, geographically, and culturally. I was also deeply influenced by the hospitality and consideration I experienced. At a research seminar in the Portuguese Ministry of Finance, I was the only person who didn’t speak fluent Portuguese. I would have barely understood the presentation, but when this was pointed out, the speaker immediately switched to English without hesitation—prompting an entire room of native speakers to follow suit. That moment left a lasting impression on me.

What does your daily routine as a policy advisor at the German Federal Ministry of Finance look like?

Tasks at the Ministry vary greatly depending on the department and team. My current role covers a broad range of responsibilities and is often shaped by current events. I begin each day by scanning relevant reports from European embassies or the Permanent Representation in Brussels, as well as specialized newsletters, to stay informed about the latest developments. Recurring tasks include preparing and supporting the leadership team—specifically my state secretary and department head—for meetings on European policy issues. The agendas often involve complex topics that resonate in public discourse or the press. Addressing such a wide array of issues requires teamwork. In preparation, I work closely with subject matter experts in the Ministry. I distill key points from their contributions, highlight areas of conflict, and develop actionable solutions. A central aspect is ensuring coordination among German government ministries so we can present a unified position in Brussels—a key factor in making our voices heard. I also work on strategic questions and analyze events to provide the Ministry’s leadership with a solid basis for decision-making. For example, when the new European Commission outlines its political priorities for the next legislative period, it’s up to my colleagues and me to provide a professional assessment that the leadership can build upon.

In recent weeks and months, the future of Germany as a business location has been a hot topic in the media. How do you view this debate?

I think it’s good that this topic is being discussed more actively and that the status quo is being questioned. However, I wish the debate were more constructive and less emotional. First, it’s important to note that Germany remains a strong business location with solid foundations: excellent research, highly skilled professionals, a strong SME sector, and robust industries. That said, Germany faces significant challenges that have been evident for some time and, in some cases, postponed: demographic change, high taxes and bureaucracy, and sluggish digitalization. Insufficient investment in infrastructure was already a topic of discussion during my first semester in Münster. The future of Germany as a business location will, in my view, depend on how we prioritize and invest in the coming years and what framework conditions we establish. Our prosperity is built on a productive industrial sector and a well-educated workforce. Yet, we invest less in education than the OECD average, which is a mismatch. Demographic change and the shortage of skilled workers are growing challenges, yet there is a lack of childcare facilities, making it harder for parents to return to the workforce. I also see great potential in terms of innovation. While Germany has many start-ups, many of them rely on foreign investors for scaling and eventually move abroad. In comparison, strong growth in the U.S. is driven by relatively "young" companies (think FAANG and AI). Expansion within the EU also poses challenges, as companies must navigate 27 different legal systems. This underscores how closely Germany's business prospects are tied to Europe. These challenges are well-known, and initial steps to address them have been taken. The potential is there—now it’s a matter of what we make of it.

In your work and research, you also help develop actionable policy recommendations. How does it feel when your work translates into concrete measures?

Most of my work results from teamwork, and I feel fortunate to work with exceptionally talented teams. For example, my research on productivity and so-called zombie firms in Portugal garnered significant interest and has since been built upon in multiple studies—something that always brings me great satisfaction. To provide a more specific example: In response to Russia’s war of aggression against Ukraine and the resulting energy shock, the EU introduced a package of measures called "REPowerEU." After more than six months of intense negotiations in Brussels, being part of the process that finalized this dossier was a highlight of my time as a financial attaché. It made me truly realize how much effort goes into a headline like "EU: 20 Billion Euros for Energy Transition."

Disclaimer
Christian Osterhold gave us this interview as a private individual and not as a member of the Federal Ministry of Finance. The statements made in the interview therefore exclusively reflect Mr Osterhold's private opinion.

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