Holger Schmieding
Holger Schmieding
Holger Schmiedingis a German economist, the current Chief Economist at Berenberg Bank based at their London officeand a frequent broadcaster and commentator on economic affairs in the media. Before joining Berenberg, he was a Senior Economic Advisor to the International Monetary Fund, a Senior Strategist at the Bank of America and worked for Merrill Lynch, based in Washington D.C., London and Frankfurt. The Financial Times Deutschland placed him at the top of the list of 50 analysts for the proven...
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The evidence on U.K. consumption remains contradictory. Some data such as weak consumer confidence and the reluctance to use credit cards point to further weakness ahead. However, the modest rebound in the real estate market and anecdotal evidence of satisfactory Christmas indicate a modest strengthening in spending.
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This has weakened his claim to be the one who could lecture other financial ministers on how to run their economies. He should publicly apologize to the IMF staffers whom he scolded last time for being too pessimistic on the U.K.
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The hope that Germany would be a shining European example for accelerated reforms has been dashed,