<div class="frame">
<div class="frame__left">
<div class="frame__back">
<button class="frame-button" onclick="history.back(-1)">arrow_back</button>
</div>
<nav class="frame__left-nav">
<a class="frame-nav" href="#">Updates</a>
<a class="frame-nav" href="#">About us</a>
</nav>
<div class="frame__social">
<a class="frame-button" href="https://www.facebook.com/BertelsmannFoundation/" target="_blank">
<svg role="img" viewBox="0 0 800 800" xmlns="http://www.w3.org/2000/svg"><path d="M445 643h-90V419h-75v-87h75v-64c0-75 45-115 112-115 37 0 67 3 67 3v78h-46c-36 0-43 18-43 43v55h86l-11 87h-75v224z"/></svg>
</a>
<a class="frame-button" href="https://twitter.com/BertelsmannFdn" target="_blank">
<svg role="img" viewBox="0 0 800 800" xmlns="http://www.w3.org/2000/svg"><path d="M679 239s-21 34-55 57c7 156-107 329-314 329-103 0-169-50-169-50s81 17 163-45c-83-5-103-77-103-77s23 6 50-2c-93-23-89-110-89-110s23 14 50 14c-84-65-34-148-34-148s76 107 228 116c-22-121 117-177 188-101 37-6 71-27 71-27s-12 41-49 61c30-2 63-17 63-17z"/></svg>
</a>
<a class="frame-button" href="https://www.youtube.com/channel/UCZZdgI5F7KjUCW0fCKUOAAg" target="_blank">
<svg role="img" viewBox="0 0 800 800" xmlns="http://www.w3.org/2000/svg"><path d="M400 224c144 0 201 2 224 25 17 17 26 52.125 26 151s-9 134-26 151c-23 23-80 25-224 25s-201-2-224-25c-17-17-26-52.125-26-151s9-134 26-151c23-23 80-25 224-25zm-52 100v141l135-70z"/></svg>
</a>
<a class="frame-button" href="https://www.instagram.com/ber…annfoundation/?hl=en" target="_blank">
<svg role="img" viewBox="0 0 800 800" xmlns="http://www.w3.org/2000/svg"><path d="M400 309c-51 0-92 41-92 90s41 90 92 90 93-41 93-90-42-90-93-90zm178 56h-40c27 97-50 178-138 178s-164-82-137-178h-42v194c0 10 8 18 18 18h321c10 0 18-8 18-18V365zm-73-144c-11 0-21 10-21 21v49c0 11 10 21 21 21h52c11 0 21-10 21-21v-49c0-11-10-21-21-21h-52zm-276-51h342c32 0 59 27 59 59v342c0 32-27 59-59 59H229c-32 0-59-27-59-59V229c0-32 27-59 59-59z"/></svg>
</a>
<a class="frame-button" href="https://vimeo.com/bfna" target="_blank">
<svg role="img" viewBox="0 0 800 800" xmlns="http://www.w3.org/2000/svg"><path d="M 404.00,298.00 405.51,288.24 414.18,267.17 418.75,258.00 426.47,242.53 436.78,226.29 449.04,214.04 474.66,188.41 508.59,178.59 544.00,179.00 567.25,179.28 591.19,187.76 604.30,208.00 618.93,230.58 618.30,257.27 618.00,283.00 617.64,313.26 597.15,357.83 582.28,384.00 561.90,419.85 538.74,452.51 513.42,485.00 491.27,513.43 467.93,541.12 441.00,565.16 420.57,583.41 398.29,600.31 372.00,609.00 357.54,613.78 341.75,616.09 327.00,611.25 303.39,603.50 285.32,572.74 276.00,551.00 276.00,551.00 269.08,534.00 269.08,534.00 269.08,534.00 257.58,492.00 257.58,492.00 257.58,492.00 237.15,417.00 237.15,417.00 237.15,417.00 224.33,371.00 224.33,371.00 218.79,354.01 212.93,335.98 203.00,321.00 198.94,314.87 192.35,306.77 185.00,304.65 176.55,302.21 160.03,315.31 153.00,320.00 150.27,321.82 144.31,326.73 141.04,325.70 137.95,324.74 129.77,313.12 127.35,310.00 125.54,307.66 120.30,301.33 119.36,299.00 117.32,293.96 122.75,290.88 126.00,287.93 126.00,287.93 152.00,264.84 152.00,264.84 175.59,243.77 198.64,220.94 225.00,203.33 238.72,194.17 254.00,185.18 271.00,185.00 301.70,184.69 318.97,203.78 328.95,231.00 335.99,250.22 340.20,281.13 343.27,302.00 347.52,330.81 353.11,359.58 359.42,388.00 363.38,405.82 368.46,423.69 376.76,440.00 379.82,446.03 385.70,455.44 393.00,456.52 398.02,457.26 403.34,453.13 407.00,450.19 416.13,442.86 427.64,426.97 434.33,417.00 445.78,399.93 459.42,377.01 467.00,358.00 471.41,346.95 475.26,335.03 474.99,323.00 474.53,303.15 463.27,290.24 443.00,290.00 423.60,289.78 420.78,293.48 404.00,298.00 Z" /></svg>
</a>
<a class="frame-button" href="https://www.linkedin.com/company/bertelsmann-foundation-north-america-inc." target="_blank">
<svg role="img" viewBox="0 0 800 800" xmlns="http://www.w3.org/2000/svg"><path d="M268 629h-97V319h97v310zm157 0h-97V319h93v42h1c13-24 44-50 91-50 98 0 116 64 116 148v170h-96V478c0-36-2-82-51-82-50 0-57 39-57 79v154zM220 164c31 0 55 25 55 56s-24 56-55 56-56-25-56-56 25-56 56-56z"/></svg>
</a>
</div>
</div>
<div class="frame__top">
<div class="frame__menu">
<button class="frame-button frame__menu-trigger">menu</button>
</div>
<a href="/" class="frame__logo is-hidden"><svg version="1.1" id="bfna-logo" class="bfna-logo" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" x="0px" y="0px"
viewBox="0 0 695.1 266.6" style="enable-background:new 0 0 695.1 266.6;" xml:space="preserve">
<path class="st0" d="M62.2,76.5c0-13.7-8.1-24.4-22-26.6c7-4.3,12.4-11.8,12.4-23.3C52.6,10.7,41.8,0,23.3,0H0v106.3h29.2
C48.4,106.3,62.2,95.1,62.2,76.5z M7,6.4h13.5c5.6,0,12.5,0.3,17.7,4.5c3.5,2.9,7.2,8.1,7.2,16.6c0,7.3-2.7,12.7-7,16.2
c-4.6,3.8-9.1,4.5-14.5,4.5H7V6.4z M7,99.9V54.5h16.6c11.8,0,17.1,1.7,19.9,3c8,3.7,11.3,10.2,11.3,19.8c0,4.9-1.1,11.2-6.9,16.3
c-7.2,6.4-15.9,6.4-23.1,6.4H7z"/>
<path class="st0" d="M110.1,108c16.1,0,24.7-10.3,28.5-17.6l-5.4-3.2c-4.1,8.6-12.1,14.8-22.6,14.8c-13.7,0-25.8-10.8-25.8-27.4
l55.6-0.1c0-20.7-13.2-34.7-30.8-34.7c-15.9,0-31.5,11.6-31.5,34.2C78.1,93,89.9,108,110.1,108z M109.6,46
c12.9,0,22.5,9.7,24.1,22.6l-48.4-0.1C87,55.9,96.4,45.9,109.6,46z"/>
<path class="st0" d="M165.6,106.3V71.4c0-8.1,0.2-25.5,13.2-25.5c2.9,0,4.1,0.8,4.8,1.3l3.1-5.8c-2.1-1.1-4.5-1.6-6.8-1.6
c-7,0-12,4.3-14.3,9.9v-8.4h-6.4l0,65H165.6z"/>
<polygon class="st0" points="201.1,106.3 207.5,106.3 207.5,47.3 218.8,47.3 218.8,41.3 207.5,41.3 207.5,18 201.1,18 201.1,41.3
193.9,41.3 193.9,47.3 201.1,47.3 "/>
<path class="st0" d="M259.4,108c16.1,0,24.7-10.3,28.5-17.6l-5.4-3.2c-4.1,8.6-12.1,14.8-22.6,14.8c-13.7,0-25.8-10.8-25.8-27.4
l55.6-0.1c0-20.7-13.2-34.7-30.7-34.7c-15.9,0-31.5,11.6-31.5,34.2C227.4,93,239.2,108,259.4,108z M258.9,45.9
c12.9,0,22.5,9.7,24.1,22.7l-48.4-0.1C236.3,55.9,245.7,45.9,258.9,45.9z"/>
<rect x="308.5" class="st0" width="6.4" height="106.3"/>
<path class="st0" d="M353.6,102c-7.2,0-14-4.5-16.2-13.1l-6.2,1.9c2.7,10.8,11.6,17.2,22.5,17.2c10,0,21.2-5.9,21.2-20.7
c0-3.7-0.6-7.2-3.3-10.5c-4.1-5.3-10.2-7-16.7-9.6c-6.4-2.5-11.5-4.6-11.5-11c0-4.8,3.7-10.4,11-10.4c4.9-0.1,9.4,2.8,11.3,7.3
l5.4-2.8c-3-7-9.4-10.5-17-10.5c-9.9,0-17.4,6.9-17.4,16.7c0,3.1,1,6,2.9,8.5c2.9,3.8,7.6,5.9,14.2,8.6c9.9,4,14.5,6.7,14.5,14
C368.1,96.1,361.9,102,353.6,102z"/>
<path class="st0" d="M397.3,68.7c0-12.9,5.3-22.8,16.6-22.8c14,0,14.3,14.5,14.3,18.6v41.8h6.4V67.1c0-4,0.2-21.2,17.4-21.2
c3.6-0.2,7.1,1.2,9.7,3.7c3.5,3.7,3.8,9.1,3.8,13.4v43.3h6.4V63c0-5.3-0.3-12.4-5.6-17.7c-2.9-2.9-7.5-5.4-14.7-5.4
c-8.6,0-15.6,4-19.3,11.8c-1.3-3.3-5.4-11.8-18.2-11.8c-7-0.3-13.5,3.4-16.9,9.6v-8.1H391v65h6.3V68.7z"/>
<path class="st0" d="M522.5,108.1c10.2,0.2,19.7-4.9,25.3-13.4v11.6h6.4v-65h-6.4v11.4c-6.2-8.8-15.1-12.8-25.3-12.8
c-19,0-31.7,13.9-31.7,33.9C490.8,95.2,505.4,108.1,522.5,108.1z M522.8,45.9c11.2,0,25.3,8.1,25.3,27.4c0,15-8.9,28.7-25.2,28.7
c-16.4,0-25.5-14-25.5-28.7C497.5,55.6,509.9,45.9,522.8,45.9z"/>
<path class="st0" d="M583.5,72.5c0-6.4,0.6-12.4,3.5-17.5c2.4-4.3,7-9.1,15.9-9.1c7.8,0,11.3,4,12.8,6.4c2.4,3.7,2.5,8.6,2.5,13.1
v41h6.4v-41c0-5.7-0.3-11.8-3.2-16.4c-1.4-2.2-6.4-9.1-18-9.1c-11,0-16.9,6.2-19.9,11.6V41.3h-6.4v65h6.4V72.5z"/>
<path class="st0" d="M653.9,72.5c0-6.4,0.6-12.4,3.5-17.5c2.4-4.3,7-9.1,15.9-9.1c7.8,0,11.3,4,12.8,6.4c2.4,3.7,2.5,8.6,2.5,13.1
v41h6.4v-41c0-5.7-0.3-11.8-3.2-16.4c-1.4-2.2-6.4-9.1-18-9.1c-11,0-16.9,6.2-19.9,11.6V41.3h-6.4l0,65h6.4V72.5z"/>
<path class="st0" d="M329.9,162.6h-9.5v64.2h9.5c19.3,0,32.5-13.1,32.5-32.1C362.5,176.1,349.1,162.6,329.9,162.6z"/>
<polygon class="st0" points="389.3,202.9 416.9,202.9 403.2,168.3 "/>
<path class="st0" d="M543.6,161.6c-18.8,0-32.8,14.6-32.8,33.3c0,18.7,14,33.2,32.8,33.2s32.8-14.6,32.8-33.2h0
C576.5,176.2,562.5,161.6,543.6,161.6z"/>
<path class="st0" d="M106.8,161.6C88,161.6,74,176.2,74,194.9c0,18.7,14,33.2,32.8,33.2c18.8,0,32.8-14.6,32.8-33.2h0.1
C139.6,176.2,125.6,161.6,106.8,161.6z"/>
<path class="st0" d="M0,122.5v144.1h695.1V122.5H0z M61.3,162.6H36.5v26.5h24.1v4.4H36.5v37.8h-4.8v-73h29.6V162.6z M144.6,194.9
c0,21-16.5,37.5-37.9,37.5c-21.3,0-37.9-16.5-37.9-37.5c0-20.9,17-37.9,37.9-37.9S144.6,174,144.6,194.9L144.6,194.9z M210.1,203.9
c0,8-0.4,13.2-4.2,18.7c-5.5,8-14.1,9.8-20.7,9.8s-15.2-1.9-20.7-9.8c-3.7-5.5-4.2-10.7-4.2-18.7v-45.6h4.7v45.6
c0,6.9,0.3,11.4,3.1,15.8c4.3,6.9,12.3,8.4,17,8.4c4.7,0,12.7-1.5,17-8.4c2.7-4.4,3.1-8.9,3.1-15.8v-45.7h4.8V203.9z M295.8,233.1
L234.6,169v62.3l-4.9,0v-73.8l61.3,64.2v-63.4h4.8V233.1z M357,221.1c-9.2,9.2-20.5,10.2-26.9,10.2l-14.5,0v-73H330
c6.5,0,17.7,1,26.9,10.2c7.8,7.8,10.5,18.4,10.5,26.4S364.8,213.3,357,221.1z M428.4,231.3l-9.7-24h-31.1l-9.7,24h-5.3l30.8-75.2
l30.3,75.2H428.4z M473.8,162.6h-18.9v68.6H450v-68.6h-18.9v-4.4h42.7V162.6z M490,231.2h-4.8v-73h4.8V231.2z M581.5,194.9
c0,21-16.5,37.5-37.9,37.5s-37.9-16.5-37.9-37.5c0-20.9,17-37.9,37.9-37.9S581.5,174,581.5,194.9L581.5,194.9z M663.3,233.1
L602,169v62.3l-4.8,0v-73.8l61.3,64.2v-63.4h4.8V233.1z"/>
</svg>
</a>
<nav class="frame__top-nav">
<a class="frame-nav frame-nav--digital-world" href="#">Digital World</a>
<a class="frame-nav frame-nav--future-leadership" href="#">Future Leadership</a>
<a class="frame-nav frame-nav--democracy" href="#">Democracy</a>
<a class="frame-nav frame-nav--politics-society" href="#">Politics & Society</a>
</nav>
<div class="frame__search" aria-hidden>
<form action="" class="frame-search">
<button class="frame-search__button frame-button frame-search__trigger">search</button>
<input class="frame-search__field" type="text" placeholder="Search...">
<input class="frame-search__submit" type="submit" value="Search">
</form>
</div>
</div>
</div>
<div class="off-canvas">
<button class="off-canvas__close"><i class="material-icons">close</i></button>
<section class="off-canvas__col">
<nav class="off-canvas__nav off-canvas--updates">
<h2 class="off-canvas__heading">Updates</h2>
<a href="#" class="off-canvas__item">Articles</a><br>
<a href="#" class="off-canvas__item">Infographics</a><br>
<a href="#" class="off-canvas__item">Videos</a><br>
</nav>
<nav class="off-canvas__nav off-canvas--about">
<h2 class="off-canvas__heading">The Foundation</h2>
<a href="#" class="off-canvas__item">About the Foundation</a><br>
<a href="#" class="off-canvas__item">Board of Directors | Team</a><br>
<a href="#" class="off-canvas__item">Bertelsmann Stiftung</a><br>
<a href="#" class="off-canvas__item">Contact</a><br>
</nav>
</section>
<section class="off-canvas__col off-canvas--right-col">
<nav class="off-canvas__nav off-canvas--topics">
<h2 class="off-canvas__heading">Topics</h2>
<a href="#" class="off-canvas__item">Democracy</a><br>
<a href="#" class="off-canvas__item">Digital World</a><br>
<a href="#" class="off-canvas__item">Politics & Society</a><br>
</nav>
<nav class="off-canvas__nav off-canvas--archive">
<a href="#" class="off-canvas__item">Archived Projects</a><br>
</nav>
</section>
</div>
<div class="wrapper wrapper--no-hero">
<section class="prose">
<hgroup class="prose__headers">
<!-- @render breadcrumbs | waiting for the breadcrumbs component here -->
<h3 class="prose__brow">Digital World</h3>
<h1 class="prose__main-heading">Germany and the US: A Tale of AAAs</h1>
<h2 class="prose__secondary-heading">A Tale of Two AAAs in a translatlantic world</h2>
<div class="prose__byline-open">Originally published in <strong>Handelsblatt</strong>, Jul 13, 2015, by <strong>Vincent Truglia</strong></div>
</hgroup>
<div class="prose__body">
<p class="prose__intro">Germany and the United States are among the few countries left in the world with top sovereign credit ratings. But while the outcome may be the same, a closer look reveals that the two countries’ AAA status is based on very different economic
and social circumstances. Taking into account the longer-term risks both economies are facing, the US could be in a better position than Germany to maintain its stellar rating going forward.</p>
<p>Germany’s <a href="http://ccmdesign.ca">current account deficit</a> stems from its extraordinary international competitiveness. It is an export-driven economy, while US growth is dependent on domestic demand. Despite slower global growth,
Germany’s current account surplus is larger than China’s. The sum of exports and imports of goods and services as a percentage of GDP currently amounts to nearly 90 percent which points to an extremely open economy. The fact that this
number is 20 percentage points higher than prior to the financial crisis indicates that the German economy has become even more dependent on international trade in recent years. For the purposes of sovereign risk assessment, this shows
the enormous flexibility and competiveness of the German export sector.</p>
<p>Being an export powerhouse has allowed Germany to avoid many of the problems encountered by other Eurozone countries. Since the export sector has performed so well, the German government has been able to undertake fiscal measures, which now
put the country’s overall general government debt-to-GDP ratio on a declining trajectory. Since a government’s fiscal position is key to the risk of possible default, Germany remains the safest country within the Eurozone as regards the
risk of default on its government bonds.</p>
<blockquote>
<p>Being an export powerhouse has allowed Germany to avoid many of the problems encountered by other Eurozone countries.</p>
</blockquote>
<p>The United States has a fundamentally different economic structure. The US is a continental country. The economy is driven by domestic demand, and exports are often only an afterthought. The openness of the economy is now around 30 percent,
not very different than prior to the financial crisis. Unlike the average German, most Americans, except for those involved in international finance or the export sector, do not pay much attention to the exchange rate because it has little
impact on their day-to-day lives. The US can sustain a current account deficit as long as domestic demand is on track.</p>
<hr>
<p>The US can sustain a <a href="http://ccmdesign.ca">current account deficit</a> as long as domestic demand is on track.</p>
<hr>
<p>There is another reason why the US is able to sustain large current account deficits in the $400 billion range (down from as high as $798 billion in 2006). In other countries, the obligation to fund such large deficits would pose a major economic
risk. However, despite a large net external debt resulting from these deficits, the US regularly has a surplus on its investment income account. A major reason for that is that international investors view the US as a safe haven and are
willing to accept smaller returns for the promise of long-term stability. That translates into the US earning far more on its foreign assets than foreigners earn on their US assets. Consequentially, unlike for other countries, large current
account deficits do not pose a threat to the US economy.</p>
<p>The US government’s fiscal position also differs from Germany’s in fundamental ways. Using traditional methods to calculate the US general government debt, the debt-to-GDP ratio is enormously overstated. The reason behind this is the US government’s
peculiar way of accounting for its national pension fund (Social Security) and similar obligations. The US includes many future liabilities in its debt statistics, despite the fact that these liabilities are not real. They are an accounting
fiction that was created to make Social Security look like an insurance program, when in reality it is a pay-as-you go pension system, as in most advanced industrial countries.</p>
<hr>
<p>Using traditional methods to calculate the US general government debt, the debt-to-GDP ratio is enormously overstated.</p>
<hr>
<p>When we exclude these notional trust funds from the debt numbers, making them more comparable to how we measure other countries’ debt, we find that the debt-to-GDP ratio is on a downward trajectory, which began in 3Q14. The explanation for
the turnaround is that US federal government deficits have fallen dramatically in recent years, from a peak of 9.8 percent in 2009 to 2.8 percent in fiscal year 2014. It is expected to decline further to 2.6 percent in fiscal year 2015.
This indicates remarkable fiscal flexibility.</p>
<p>In the end, despite differences in the sources of their economic strength, German Bunds and US Treasury securities remain among the world’s safest investments. Nonetheless, if we compare the risks facing both countries, the US is in a stronger
position over time: For one, it has its own currency. And looking ahead, it has very favorable demographics. By 2050, the US will have a younger population than Mexico or China.</p>
<figure>
<img src="https://images.unsplash.com/photo-1584701173185-982f63fb725b?ixlib=rb-1.2.1&ixid=eyJhcHBfaWQiOjEyMDd9&auto=format&fit=crop&w=2550&q=80" alt="Unsplash Smaple Image">
<figcaption>Unsplash Smaple Image</figcaption>
</figure>
<p>On the other hand, Germany’s membership in the Eurozone exposes it to substantial external risks. The currency bloc poses a contingent liability on German taxpayers if additional and larger bailouts of other Eurozone members should be required.
Germany’s worrisome demographics are its biggest domestic risk in the long-term. Despite in-migration, its population size is stagnant and likely to decline in coming years, making the burden of its generous social safety net problematic
in the medium-to-long run.</p>
<p>Despite their recent stable economic performance, the United States and Germany need to manage political risk in order to maintain their AAA status in the long-run. German leaders will need to find a way to deal with the crisis in the Eurozone
and they will have to start the difficult process of reforming the country’s social safety net to adapt to changing demographics.</p>
<hr>
<p>Despite their recent stable economic performance, the United States and Germany need to manage political risk in order to maintain their AAA status in the long-run.</p>
<hr>
<p>While US leaders do not have to face contingent liabilities emanating from their country’s currency and demographics, ongoing political gridlock continues to be a danger to the US economy, especially when it comes to entitlement reform. However,
in the US, entitlement reform should prove somewhat easier than in Germany. Social Security only needs some minor tweaking, while the reform of Medicare (medical insurance for seniors) and Medicaid (medical insurance for the poor) is more
closely related to overall healthcare reform in the US, which has only just begun.</p>
<p>In the end, political will and leadership will ultimately play a big role in whether both countries can maintain their current top ratings.</p>
<p class="prose__byline-close">Originally written in English by Vincent Truglia. Translated to German for publication by Handelsblatt.</p>
<p><a href="#" class="button button--secondary">Download Original</a></p>
<div class="prose-print-sidebar">
<svg version="1.1" id="bfna-logo" class="bfna-logo" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" x="0px" y="0px" viewBox="0 0 695.1 266.6" style="enable-background:new 0 0 695.1 266.6;" xml:space="preserve">
<path class="st0" d="M62.2,76.5c0-13.7-8.1-24.4-22-26.6c7-4.3,12.4-11.8,12.4-23.3C52.6,10.7,41.8,0,23.3,0H0v106.3h29.2
C48.4,106.3,62.2,95.1,62.2,76.5z M7,6.4h13.5c5.6,0,12.5,0.3,17.7,4.5c3.5,2.9,7.2,8.1,7.2,16.6c0,7.3-2.7,12.7-7,16.2
c-4.6,3.8-9.1,4.5-14.5,4.5H7V6.4z M7,99.9V54.5h16.6c11.8,0,17.1,1.7,19.9,3c8,3.7,11.3,10.2,11.3,19.8c0,4.9-1.1,11.2-6.9,16.3
c-7.2,6.4-15.9,6.4-23.1,6.4H7z"/>
<path class="st0" d="M110.1,108c16.1,0,24.7-10.3,28.5-17.6l-5.4-3.2c-4.1,8.6-12.1,14.8-22.6,14.8c-13.7,0-25.8-10.8-25.8-27.4
l55.6-0.1c0-20.7-13.2-34.7-30.8-34.7c-15.9,0-31.5,11.6-31.5,34.2C78.1,93,89.9,108,110.1,108z M109.6,46
c12.9,0,22.5,9.7,24.1,22.6l-48.4-0.1C87,55.9,96.4,45.9,109.6,46z"/>
<path class="st0" d="M165.6,106.3V71.4c0-8.1,0.2-25.5,13.2-25.5c2.9,0,4.1,0.8,4.8,1.3l3.1-5.8c-2.1-1.1-4.5-1.6-6.8-1.6
c-7,0-12,4.3-14.3,9.9v-8.4h-6.4l0,65H165.6z"/>
<polygon class="st0" points="201.1,106.3 207.5,106.3 207.5,47.3 218.8,47.3 218.8,41.3 207.5,41.3 207.5,18 201.1,18 201.1,41.3
193.9,41.3 193.9,47.3 201.1,47.3 "/>
<path class="st0" d="M259.4,108c16.1,0,24.7-10.3,28.5-17.6l-5.4-3.2c-4.1,8.6-12.1,14.8-22.6,14.8c-13.7,0-25.8-10.8-25.8-27.4
l55.6-0.1c0-20.7-13.2-34.7-30.7-34.7c-15.9,0-31.5,11.6-31.5,34.2C227.4,93,239.2,108,259.4,108z M258.9,45.9
c12.9,0,22.5,9.7,24.1,22.7l-48.4-0.1C236.3,55.9,245.7,45.9,258.9,45.9z"/>
<rect x="308.5" class="st0" width="6.4" height="106.3"/>
<path class="st0" d="M353.6,102c-7.2,0-14-4.5-16.2-13.1l-6.2,1.9c2.7,10.8,11.6,17.2,22.5,17.2c10,0,21.2-5.9,21.2-20.7
c0-3.7-0.6-7.2-3.3-10.5c-4.1-5.3-10.2-7-16.7-9.6c-6.4-2.5-11.5-4.6-11.5-11c0-4.8,3.7-10.4,11-10.4c4.9-0.1,9.4,2.8,11.3,7.3
l5.4-2.8c-3-7-9.4-10.5-17-10.5c-9.9,0-17.4,6.9-17.4,16.7c0,3.1,1,6,2.9,8.5c2.9,3.8,7.6,5.9,14.2,8.6c9.9,4,14.5,6.7,14.5,14
C368.1,96.1,361.9,102,353.6,102z"/>
<path class="st0" d="M397.3,68.7c0-12.9,5.3-22.8,16.6-22.8c14,0,14.3,14.5,14.3,18.6v41.8h6.4V67.1c0-4,0.2-21.2,17.4-21.2
c3.6-0.2,7.1,1.2,9.7,3.7c3.5,3.7,3.8,9.1,3.8,13.4v43.3h6.4V63c0-5.3-0.3-12.4-5.6-17.7c-2.9-2.9-7.5-5.4-14.7-5.4
c-8.6,0-15.6,4-19.3,11.8c-1.3-3.3-5.4-11.8-18.2-11.8c-7-0.3-13.5,3.4-16.9,9.6v-8.1H391v65h6.3V68.7z"/>
<path class="st0" d="M522.5,108.1c10.2,0.2,19.7-4.9,25.3-13.4v11.6h6.4v-65h-6.4v11.4c-6.2-8.8-15.1-12.8-25.3-12.8
c-19,0-31.7,13.9-31.7,33.9C490.8,95.2,505.4,108.1,522.5,108.1z M522.8,45.9c11.2,0,25.3,8.1,25.3,27.4c0,15-8.9,28.7-25.2,28.7
c-16.4,0-25.5-14-25.5-28.7C497.5,55.6,509.9,45.9,522.8,45.9z"/>
<path class="st0" d="M583.5,72.5c0-6.4,0.6-12.4,3.5-17.5c2.4-4.3,7-9.1,15.9-9.1c7.8,0,11.3,4,12.8,6.4c2.4,3.7,2.5,8.6,2.5,13.1
v41h6.4v-41c0-5.7-0.3-11.8-3.2-16.4c-1.4-2.2-6.4-9.1-18-9.1c-11,0-16.9,6.2-19.9,11.6V41.3h-6.4v65h6.4V72.5z"/>
<path class="st0" d="M653.9,72.5c0-6.4,0.6-12.4,3.5-17.5c2.4-4.3,7-9.1,15.9-9.1c7.8,0,11.3,4,12.8,6.4c2.4,3.7,2.5,8.6,2.5,13.1
v41h6.4v-41c0-5.7-0.3-11.8-3.2-16.4c-1.4-2.2-6.4-9.1-18-9.1c-11,0-16.9,6.2-19.9,11.6V41.3h-6.4l0,65h6.4V72.5z"/>
<path class="st0" d="M329.9,162.6h-9.5v64.2h9.5c19.3,0,32.5-13.1,32.5-32.1C362.5,176.1,349.1,162.6,329.9,162.6z"/>
<polygon class="st0" points="389.3,202.9 416.9,202.9 403.2,168.3 "/>
<path class="st0" d="M543.6,161.6c-18.8,0-32.8,14.6-32.8,33.3c0,18.7,14,33.2,32.8,33.2s32.8-14.6,32.8-33.2h0
C576.5,176.2,562.5,161.6,543.6,161.6z"/>
<path class="st0" d="M106.8,161.6C88,161.6,74,176.2,74,194.9c0,18.7,14,33.2,32.8,33.2c18.8,0,32.8-14.6,32.8-33.2h0.1
C139.6,176.2,125.6,161.6,106.8,161.6z"/>
<path class="st0" d="M0,122.5v144.1h695.1V122.5H0z M61.3,162.6H36.5v26.5h24.1v4.4H36.5v37.8h-4.8v-73h29.6V162.6z M144.6,194.9
c0,21-16.5,37.5-37.9,37.5c-21.3,0-37.9-16.5-37.9-37.5c0-20.9,17-37.9,37.9-37.9S144.6,174,144.6,194.9L144.6,194.9z M210.1,203.9
c0,8-0.4,13.2-4.2,18.7c-5.5,8-14.1,9.8-20.7,9.8s-15.2-1.9-20.7-9.8c-3.7-5.5-4.2-10.7-4.2-18.7v-45.6h4.7v45.6
c0,6.9,0.3,11.4,3.1,15.8c4.3,6.9,12.3,8.4,17,8.4c4.7,0,12.7-1.5,17-8.4c2.7-4.4,3.1-8.9,3.1-15.8v-45.7h4.8V203.9z M295.8,233.1
L234.6,169v62.3l-4.9,0v-73.8l61.3,64.2v-63.4h4.8V233.1z M357,221.1c-9.2,9.2-20.5,10.2-26.9,10.2l-14.5,0v-73H330
c6.5,0,17.7,1,26.9,10.2c7.8,7.8,10.5,18.4,10.5,26.4S364.8,213.3,357,221.1z M428.4,231.3l-9.7-24h-31.1l-9.7,24h-5.3l30.8-75.2
l30.3,75.2H428.4z M473.8,162.6h-18.9v68.6H450v-68.6h-18.9v-4.4h42.7V162.6z M490,231.2h-4.8v-73h4.8V231.2z M581.5,194.9
c0,21-16.5,37.5-37.9,37.5s-37.9-16.5-37.9-37.5c0-20.9,17-37.9,37.9-37.9S581.5,174,581.5,194.9L581.5,194.9z M663.3,233.1
L602,169v62.3l-4.8,0v-73.8l61.3,64.2v-63.4h4.8V233.1z"/>
</svg>
<div class="prose-print-sidebar__original-post">
<p>Originally published <br>in <strong>Handelsblatt</strong> <br> Jul 13, 2015, <br>by <strong>Vincent Truglia</strong></p>
</div>
<div class="prose-print-sidebar__author-card">
<h3>Nathan Christ</h3>
<h4>Communications Director<br>Bertelsmann Foundation</h4>
<p>nathan@bfna.org</p>
</div>
</div>
</div>
</section>
</div>
<footer class="footer">
<div class="wrapper wrapper--padded">
<div class="footer__content footer--top">
<p class="footer__tagline">Transatlantic Perspectives on Global Challenges</p>
<div class="footer__social">
<a class="footer__button" href="#" target="_blank">
<svg role="img" fill="white" viewBox="0 0 800 800" xmlns="http://www.w3.org/2000/svg"><path d="M445 643h-90V419h-75v-87h75v-64c0-75 45-115 112-115 37 0 67 3 67 3v78h-46c-36 0-43 18-43 43v55h86l-11 87h-75v224z"/></svg>
</a>
<a class="footer__button" href="#" target="_blank">
<svg role="img" fill="white" viewBox="0 0 800 800" xmlns="http://www.w3.org/2000/svg"><path d="M679 239s-21 34-55 57c7 156-107 329-314 329-103 0-169-50-169-50s81 17 163-45c-83-5-103-77-103-77s23 6 50-2c-93-23-89-110-89-110s23 14 50 14c-84-65-34-148-34-148s76 107 228 116c-22-121 117-177 188-101 37-6 71-27 71-27s-12 41-49 61c30-2 63-17 63-17z"/></svg>
</a>
<a class="footer__button" href="#" target="_blank">
<svg role="img" fill="white" viewBox="0 0 800 800" xmlns="http://www.w3.org/2000/svg"><path d="M400 224c144 0 201 2 224 25 17 17 26 52.125 26 151s-9 134-26 151c-23 23-80 25-224 25s-201-2-224-25c-17-17-26-52.125-26-151s9-134 26-151c23-23 80-25 224-25zm-52 100v141l135-70z"/></svg>
</a>
<a class="footer__button" href="#" target="_blank">
<svg role="img" fill="white" viewBox="0 0 800 800" xmlns="http://www.w3.org/2000/svg"><path d="M400 309c-51 0-92 41-92 90s41 90 92 90 93-41 93-90-42-90-93-90zm178 56h-40c27 97-50 178-138 178s-164-82-137-178h-42v194c0 10 8 18 18 18h321c10 0 18-8 18-18V365zm-73-144c-11 0-21 10-21 21v49c0 11 10 21 21 21h52c11 0 21-10 21-21v-49c0-11-10-21-21-21h-52zm-276-51h342c32 0 59 27 59 59v342c0 32-27 59-59 59H229c-32 0-59-27-59-59V229c0-32 27-59 59-59z"/></svg>
</a>
</div>
</div>
<div class="footer__content">
<div class="footer__section">
<h3 class="footer__heading">Topics</h3>
<ul class="footer__links">
<li><a class="footer__link" href="/democracy">Democracy</a></li>
<li><a class="footer__link" href="/future-leadership">Future Leadership</a></li>
<li><a class="footer__link" href="/digital-world">Digital World</a></li>
<li><a class="footer__link" href="/politics-society">Politics & Society</a></li>
</ul>
</div>
<div class="footer__section">
<h3 class="footer__heading">The Foundation</h3>
<ul class="footer__links">
<li><a class="footer__link" href="/about">About</a></li>
<li><a class="footer__link" href="/board-of-directors">Board of Directors</a></li>
<li><a class="footer__link" href="/team">Team</a></li>
<li><a class="footer__link" href="/bertelsmann-stiftung">Bertelsmann Stiftung</a></li>
</ul>
</div>
<div class="footer__section">
<h3 class="footer__heading">Updates</h3>
<ul class="footer__links">
<li><a class="footer__link" href="/articles">Publications</a></li>
<li><a class="footer__link" href="/infographics">Infographics</a></li>
<li><a class="footer__link" href="/videos">Videos</a></li>
</ul>
</div>
<div class="footer__section">
<h3 class="footer__heading">Contact</h3>
<p class="footer__address">Bertelsmann Foundation<br>1108 16th Street, NW Floor 1, Washington, DC, USA 20036 +1.202.384.1980</p>
</div>
</div>
</div>
<div class="footer__ribbon">
<div class="wrapper">
<p class="footer__copyright">© 2020 Copyright Bertelsmann Foundation.</p>
<p class="footer__by-line"><a href="https://ccmdesign.ca" target="_blank">by ccm.design</a></p>
</div>
</div>
</footer>
{% render '@frame' %}
<div class="wrapper wrapper--no-hero">
{% render '@prose' %}
</div>
{% render '@footer' %}
/* No context defined for this component. */
There are no notes for this item.