Germany is going to eat its capital

Germany has accumul ated significant capital thanks to a high national savings rate - which includes external assets - since a small part of Germans’ savings ha s been used to finance the public debt. But Germany will now have to "eat" this capital: The energy transition will make part of th is capital unusable (factories producing electricity from fossil fuels, and coal in particular); The energy transition and the global decline in demand for industrial equipment will lead to a loss of part of the industrial capital (automotive, chemicals, capital goods); The population ageing will probably eventually give rise to a situation of dissaving.