As 🇩🇪💉campaign loses some momentum, an anxious question arises: is this due to greater than expected resistence to getting a jab? And will vax rates that could realistically be achieved be enough to limit the public health risks? @rki_de looks at both Qs & ... is confident 1/
There is a lot of detail in the report, but the key message on needed vax rates - in most cases: 2 shots - is:
90% coverage of the <60's is needed.
For 12-59 year-olds there is a huge difference btwn 65 & 75% coverage. Above that the effect is smaller.
(>12 assumed = 0).
2/
For a baseline scenario (a set of plausible assumptions including seasonality, role of delta etc.) the fig. shows the modelled incidence (cases /100.000pop, 7 days). Above 85% the additional protective effect is marginal. The figure for hospitalsiations has the same form. 3/
On vax willingness the study refers to surveys suggesting Germans will accept vaccination at levels that imply a high level of community protection. The intention to get vaccinated amongst those so far unvaccinated is reported at around 2/3s for both >60 and 12-59. 4/
Adding those shares already vaccinated leads to hi estimates of almost 95%/85% for over/under 60s. Initial vaccinations of the elderly are already very hi at over 84%.
There are grounds for scepticism here, however.
5/
Firstly, @rki_de assumes that all those with a 1st shot will also get fully vaccinated. While it cites survey evidence in support of this, it has been widely reported that substantial numbers are missing their 2nd appointments. Some may have got a 2nd jab elsewhere.
6/
Others may subsequently get fully vaccinated. Still, a substantial number may never bother.
Secondly, the acceptance figure includes those who defitely and those say they probably will get vaccinated.
The road to hell is paved with good intentions!
7/
Even if the acceptance estimates are likely too high, the study does suggest that the cooling off of the vax pace in Germany is *not* a sign of the country having hit a wall. Vax rates are also susceptible to policy changes: an obvious screw to turn would be to end free tests.
8/
Erratum.
Sorry in tweet 2 it should be OVER 60s and UNDER 12s - the signs need to be swapped 😳
.@SDullien & @KatjaRietzler have a paper out showing the scope for expansionary fiscal policy in Germany if the debt brake - which, stupidly, has constitutional status - were relaxed in various ways.
As this is relevant for the 🇪🇺 debate, a few key takeaways in EN. 1/7
Keeping it simple, we'll just look at the total additional nominal fiscal marge de manouvre for the period 2023-30 (without feedback effects) opened up by 5 options. 2/7
Setting up a state-owned entity to borrow 1% of GDP for public investment a year would not need a change in the 🇩🇪 constitution. It creates fiscal space of €56bn with unchanged EU fiscal rules. If these are relaxed in the direction of a golden rule, that space quadruples.
3/7
🇩🇪💉 update 5 July & review calendar week 26
Slowdown continues - but ?-mark over corporate doctors
With the figures reported for Friday & the weekend once again down on the previous week (b4 revisions), the 7-day ave continues to slide, and is now only a touch above 700k. 1/5
The sharp fall-off in 2nd 💉is barely offset by a renewed increase in 1st doses.
Last week saw the first decline under 5m doses for 4 weeks. (Revisions might be enough to change this, & see 4&5/5.)
On the face of it, 🇩🇪 campaign is returning to May vax rates. 2/5
With vaccine supply still buoyant, the share of delivered doses that have been injected in upper arms falls substantially (by 1%point) to 87.3%.
This means 11 1/4 million doses are unused - or, perhaps better, unaccounted for. 3/5
The EU Commission @PaoloGentiloni has just issued a communication on EU economic policy and its coordination - the fiscal rules and those governing so-called macroeconomic imbalances. ec.europa.eu/info/system/fi…
Mostly light, but some shadows.
Thread 👇
1/n
I'll look quickly in turn at
- Next Generation EU
- the (suspension of the) fiscal rules
- monitoring of macro imbalances
2/n
NGEU
Not much new here. COM welcomes the fact that all MS have approved the increase in own resources & almost all have submitted recovery plans. The borrowing-and-disbursing process can begin following COM plan-approval and endorsement by the Council (within 1 month).
3/n
It is great to see #Vietnam moving up the value chain and developing its own tech, selling it in foreign markets.
OTOH selling hi-end EVs to Americans seems an odd focus. And not just for the reason cited here: it might be a costly failure. 1/4
🇻🇳 ppl currently rely overwhelmingly on motorbikes for private transport, but cars are increasingly common as the middle class expands . Trade agreements are also leading to cuts in hi import duties. Congestion and air pollution are huge problems in urban areas.
2/4
At the same time🇻🇳 has gr8 potential for solar and wind power.
It could become a world leader in electric motorbikes & small affordable EVs. These cd be exported but wd more importantly address pressing domestic economic & ecological development issues.
3/4
imk-boeckler.de/de/faust-detai… @SDullien and I have updated our vacccination forecast for Germany first published in March.
Developments since then require some adjustments, but basically 🇩🇪 remains on track ... with some risks.
Short thread on the main findings 👇
1/
Our mid-March forecast was that 75% of German adults (52.5m people) could be completely vaccinated by end of July. At the time this was highly controversial, but the marked acceleration in vaccinations since has largely borne out the prediction. 2/
Overall the delivery schedules are such that dispensing the requisite number of shots by end July shld not be a problem.
There are two problems, however: the gap between 1st and 2nd shots & issues relating to the vector-based vaccines from #Astrazeneca and #JohnsonandJohnson
3/
Completely agree with @sjwrenlewis economic analysis of EU fiscal rules. Fiscal policy should be about macroeconomic stabilisation not government-debt limitation. Happily, I disagree somewhat on the politics: Feasible reforms cd get us nearer where we need to be.
Thread 👇
1/19
The basic economic insight is:
“<when> the economy is growing rapidly relative to the EU average individual countries need to contract fiscal policy, and in relative downturns … need fiscal stimulus <because> monetary union takes away effective national monetary policy.”
2/19
I'd just make more explicit what is implicit: countries in the former (latter) situation tend to have above-average (below-average) inflation, thus below (above) ave real interest rates, a loss (gain) in competitiveness & thus a tendency to current acc. deficits (surpluses).
3/19