The Council of Economic Experts is an academic body advising German policy makers on questions of economic policy. It was set up by law in 1963 with the objective to assess the macroeconomic development of Germany. It also aims to aid the public and economically revelant institutions in making informed judgements about economic developments. It enjoys complete independence with respect to its advisory activities. The Council's reports and assessments have since become an essential part of German economic policy making and have notably influenced political decisions.