The “debt brake” sounds very … German indeed. The constitutionally enshrined rule, which limits the amount of government borrowing to 0.35% of GDP, seems well suited to Germany’s reputation as a country that is fiscally cautious, genetically hostile to waste and ideologically determined not to burden future generations with additional burdens. In this light he saw Berlin and all its partners – “poor” and not. But this was true in the past. In the … apron of the “debt brake” the German government coalition itself has now been slaughtered, while, correspondingly, the road to the elections – probably also after them – has been mined. The “brake” was introduced in 2009 by the then chancellor Angela Merkel, during the “great recession”, after the international financial crisis. The goal of the Christian Democrats (CDU) and Social Democrats (SPD) government was to bring the debt that had skyrocketed in the meantime under control. The rule itself provides for exceptions in extreme cases, such as “natural disasters or unusual emergencies which exceed […]
Source: News Beast
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