German govt sacks US-based economic expert Malmendier

The German Council of Economic Experts expressed "surprise and the greatest regret" on Sunday at the decision by the government not to extend the mandate of one of its five members, reported dpa.

According to a report this week in the Handelsblatt business daily, there is opposition within Chancellor Friedrich Merz's coalition government to the reappointment of Ulrike Malmendier, a professor at the University of California in Berkeley and an expert on capital markets, corporate finance and behavioural economics.

Malmendier left the five-member council on Saturday after three and a half years. She expressed "great regret" at the decision and said it had been a great honour to serve on the council.

The other council members said in a statement: "With her, the council is losing a highly regarded member who has few equals in international academic reputation in the organ's long history."

They said they would particularly miss her view from the United States on Europe and Germany.

Malmendier said she remained available for political consultancy in Germany and Europe.