The Cologne Institute for Economic Research (IW) is a private economic research institute in Germany, which is a advocate of a liberal economic and social order. The Cologne Institute for Economic Research is a registered association with a membership consisting of some 110 German business and employers' associations as well as a number of individual companies. Membership fees totalling approximately 12 million euros annually finance our regular scientific research and journalism. Additionally, collaborating particularly with other business associations, foundations and public institutions, we conduct research projects and carry out numerous studies financed by third parties.