German recovery faces constraints

Germany’s structured products market is recovering from the financial crisis, but innovation is the last thing on anyone’s mind. John Ferry reports on a market that continues to live on a diet of discount certificates, a few innovations and some volatility control

Juliane Bürger, Unicredit

Compared with its big international peers, the German economy is having a good run. Unemployment has fallen for 12 months in a row and economists have been busy marking up GDP growth forecasts for this year – the latest consensus is that the economy will grow 2.5%, the highest level in the eurozone. So has this fed into a resurgence of interest in investment, and more specifically structured products?

Before the collapse of Lehman Brothers, the German certificates market – listed structured

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