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☆ A long-standing debt rule helped collapse Germany's government. Now the policy is ripe for reform
▼ + stars: | 2024-11-22 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +5 min

But what is the debt brake and why is it so contentious? Germany's debt brake, or 'Schuldenbremse,' is a fiscal rule that forms part of the German constitution. In some exceptional circumstances, the debt brake can be suspended — this happened for example during the Covid-19 pandemic. watch nowWhen the debt brake was first implemented, its advocates argued that it would ensure a sustainable, responsible approach to public finances and spending. Critics meanwhile, say the debt brake is too restrictive, and that it has hampered investment which is necessary for a successful future.

Persons: Olaf Scholz, John Macdougall, Christian Lindner, Scholz, Lindner, Philippa Sigl, CNBC's Annette Weisbach, Holger Schmieding, Carsten Brzeski Organizations: Bundestag, Afp, Getty, Former, Green, European Commission, CNBC, ING Locations: Germany, Russia, Ukraine

☆ Germany sets early election date for February after collapse of the ruling coalition
▼ + stars: | 2024-11-12 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

Germany is set to hold a federal election in February, earlier than Chancellor Olaf Scholz had originally proposed after his ruling coalition collapsed last week. The election is set to be held on February 23, according to sources within the parliamentary group of Scholz' social democratic party (SPD). It is a necessary step ahead of early elections in Germany as the chancellor must first call for the vote in parliament. Lindner was replaced by Jörg Kukies who was appointed as the new finance minister on November 7. Scholz' SPD and the Green party will form a minority government in Germany until the election in February.

Persons: Olaf Scholz, Joerg Kukies, Scholz, Christian Lindner, Chancellor Olaf Scholz, Lindner, Jörg Kukies Organizations: Bundestag, Authorities, Green Locations: Berlin, Germany

☆ 'We have huge structural problems' in Germany, says former Christian Lindner advisor
▼ + stars: | 2024-11-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'We have huge structural problems' in Germany, says former Christian Lindner advisorLars Feld, former advisor to former Finance Minister Christian Lindner and director of the Walter Eucken Institute, discusses the breakup of the German coalition.

Persons: Lindner, Lars Feld, Christian Lindner, Walter Eucken Organizations: Finance, Walter, Walter Eucken Institute Locations: Germany

The three remaining ministers of the Free Democrats resigned in response, leading to the downfall of the government coalition. Scholz is expected to lead the country with a minority government, but the opposition is calling for an immediate no-confidence vote. Tobias Schwarz / AFP - Getty Images fileScholz’s left-leaning Social Democrats will now effectively lead a minority government with the remaining coalition partner, the environmentalist Greens. Lindner’s pro-business Free Democrats had rejected tax increases or changes to Germany’s strict self-imposed limits on running up debt. Scholz’s Social Democrats and the Greens wanted to see major state investment and rejected the Free Democrats’ proposals to cut welfare programs.

Persons: Chancellor Olaf Scholz, Christian Lindner, Scholz, Volker Wissing, Lindner, Frank, Walter Steinmeier, ” Scholz, Olaf Scholz, Tobias Schwarz, Friedrich Merz, Merz, “, ”, ” Merz, Achim Wambach, Donald Trump Organizations: Free Democrats, German Finance, AFP, Getty, Social Democrats, Greens, Christian Democrats, German Bundestag, Scholz’s Social Democrats, Leibniz Center for European Economic Research Locations: Berlin, German, Germany, “, Europe

☆ Europe's markets head for mixed open as Trump win settles in; Fed, BoE decisions in focus
▼ + stars: | 2024-11-07 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European markets are heading for a mixed open as global investors digest Donald Trump's presidential election win and political upheaval in Germany. They also await monetary policy decisions from the U.S. Federal Reserve and Bank of England. Global markets continue to react to Donald Trump's decisive election win, with U.S. stocks rallying Wednesday as Wall Street rejoiced the speedy conclusion of the presidential election. Central banks will be closely watched Thursday, with the Fed and BoE both expected to announce rate cuts. Scholz announced he would bring a vote of confidence to the German parliament on Jan. 15.

Persons: Donald Trump's, Germany's DAX, BoE, Chancellor Olaf Scholz, Christian Lindner, Lindner's, Scholz Organizations: U.S . Federal Reserve, Bank of England, France's CAC, IG, Global, Fed Locations: Germany, Asia, Pacific, U.S

CNN —Germany’s governing coalition has collapsed after disagreements over the country’s weak economy led Chancellor Olaf Scholz to sack his finance minister. The coalition has been at loggerheads over how to revive Germany’s economy. What problems is Germany’s economy facing? Germany’s economy, Europe’s largest, shrank last year for the first time since the onset of the Covid-19 pandemic. Party leader Alice Weidel has already hailed the coalition’s collapse as a “liberation” for Germany.

Persons: Chancellor Olaf Scholz, Christian Lindner’s, Scholz, Donald Trump, Europe’s, Angela Merkel, Gerhard Schröder, Merkel, Christian Lindner, Christoph Soeder, Friedrich Merz, Lindner, Liesa Johannssen, “ Lindner, ” Lindner, ”, Carsten Brzeski, “, Robert Habeck, Annegret Hilse, Merz, Alice Weidel, ” Weidel Organizations: CNN, Free Democrats Party, Scholz’s Social Democratic Party, SPD, Green Party, CDU, Trump, Social Democratic Party, Greens, ING, Volkswagen, CDU –, Christian Democratic Union, Party Locations: Germany, Germany’s, Nazi, Thuringia, France, Italy, Ukraine, China, ”

CNN —German Chancellor Olaf Scholz fired his finance minister on Wednesday, leaving the government teetering on the brink of collapse. In a televised address, Scholz said he had dismissed Finance Minister Christian Lindner saying it “was necessary to prevent harm to our country.”The firing came after days of political negotiation between Scholz, Lindner, and Robert Habeck of the Green party, who is both the vice-chancellor and the economics minister. Scholz told the press conference Wednesday that “Lindner showed no willingness to implement any of our proposals” and, therefore, “there is no trust basis for any future cooperation” with the outgoing finance minister. The Chancellor also accused the finance minister of being “not about serving the common good but about serving his own clientele and party.”According to Scholz, Lindner will also be dismissed by the country’s President Frank-Walter Steinmeier. “After the US elections we need to show we can be relied on,” Scholz said, adding that “great financial room for maneuver” is needed given the challenges that Germany faces.

Persons: Olaf Scholz, Scholz, Christian Lindner, “, Lindner, Robert Habeck, “ Lindner, Frank, Walter Steinmeier, ” Scholz Organizations: CNN, Green Locations: Germany

☆ German Chancellor Olaf Scholz fires Finance Minister Christian Lindner, leaving ruling coalition in disarray
▼ + stars: | 2024-11-06 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Chancellor Olaf Scholz announced Wednesday he had dismissed Finance Minister Christian Lindner, possibly bringing an end to Germany's ruling coalition after months of political wrangling. The three-year-old union between Scholz's Social Democratic Party (SPD), the Greens and Lindner's Free Democratic Party (FDP) has been on shaky ground for some time, with differing budget and economic policy positions causing tensions and clashes. It wasn't immediately clear if Lindner's departure would lead to the FDP exiting the coalition. Scholz said he would call for a vote of no confidence on Jan. 15 in parliament, raising the possibility of elections earlier than scheduled in March. But that is precisely not Christian Lindner's focus right now, he is focused on his own clientele."

Persons: Olaf Scholz, Christian Lindner, Scholz, Lindner Organizations: Scholz's Social Democratic Party, SPD, Greens, Lindner's Free Democratic Party, Green

CNN —German Chancellor Olaf Scholz fired his finance minister on Wednesday, leaving the government teetering on the brink of collapse. “The economy cannot wait until after the elections,” Scholz said. Trading barbsThe German chancellor and Lindner criticized each other in separate press conferences on Wednesday. Scholz told reporters “Lindner showed no willingness to implement any of our proposals” and, therefore, “there is no trust basis for any future cooperation” with the outgoing finance minister. The Chancellor also accused the finance minister of being “not about serving the common good but about serving his own clientele and party.” According to Scholz, Lindner will also be dismissed by the country’s President Frank-Walter Steinmeier.

Persons: Olaf Scholz, Scholz, Christian Lindner, “, – Scholz, Lindner, Robert Habeck, Trump, Habeck, Friedrich Merz ’, ” Scholz, Germany’s, Chancellor Gerhard Schroder, Angela Merkel, “ Lindner, Frank, Walter Steinmeier, Alice Weidel Organizations: CNN, Social Democratic Party, Free Democratic Party, Green Party, Lindner’s Free Democratic Party, Greens, Christian Democratic Union, CDU Locations: Germany, Nazi

☆ Germany's government is on the brink of collapse — here’s what could happen now
▼ + stars: | 2024-11-04 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +4 min

Holger Schmieding, chief economist at Berenberg, noted that the three coalition partners have been acting "as if they were preparing to campaign against each other soon." Separately, the Green party's Robert Habeck, who is Germany's economy minister, proposed a policy plan to stimulate business investment that was criticized by the FDP. The Lindner paperAnother escalation took place on Friday, when Finance Minister Christian Lindner published a paper about reviving the struggling German economy. "The paper reads like a serious attempt to analyze Germany's problems and propose solutions. A hotly contested budgetA recent key issue within the coalition has been Germany's budget for 2025 — a topic that also features heavily in Lindner's paper.

Persons: Christian Lindner, Robert Habeck, Olaf Scholz, Sean Gallup, Chancellor Olaf Scholz's, Carsten Brzeski, Holger Schmieding, Scholz, Lindner, Greg Fuzesi, Morgan, Fuzesi, Berenberg's Schmieding Organizations: Climate, Bundestag, Getty, Chancellor Olaf Scholz's Social Democratic Party, SPD, Greens, Free Democratic Party, ING, FDP, Green, ZDF Locations: Berlin, Germany

☆ Europe prepares for 'America First' push no matter who wins the U.S. election
▼ + stars: | 2024-10-30 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

Former President Donald Trump and Vice President Kamala Harris are shown on screen during a debate watch party at the Cameo Art House Theatre in Fayetteville, North Carolina, on Sept. 10, 2024. European politicians and policymakers are busy preparing for more American protectionism regardless of who emerges as the next leader of the White House after elections next week. The presidential race has remained a dead heat going into its final few days, with polling consistently rating the candidates, Vice President Kamala Harris and former President Donald Trump, as being tied within key battleground states and across the country. "Whoever wins will be 'America first'," a senior European diplomat, who did not want to be named due to the sensitive nature of the transatlantic relationship, told CNBC last week. The comments come after a warning from German Finance Minister Christian Lindner, who on Friday told CNBC there could be retaliation if the U.S. kicked off a trade war with the European Union.

Persons: Donald Trump, Kamala Harris, Christian Lindner, it's Organizations: Art House Theatre, White, CNBC, German Finance, Friday, European Union, European, EU, U.S, European Commission Locations: Fayetteville , North Carolina, European, U.S, Washington ,, United States

☆ German finance minister warns of retaliation if U.S. kicks off trade war
▼ + stars: | 2024-10-25 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

German Finance Minister Christian Lindner on Friday warned that if the U.S. kicked off a trade war with the European Union, there could be retaliation. Trade is one of the main pillars of the German economy, suggesting heightened tensions, uncertainty and tariffs would hit the country harder than others. Trade tensions between the U.S. and China, and the EU and China, have been rising throughout the year. Both the U.S. and EU have implemented higher tariffs and on some goods imported from China, citing unfair trade practices. China in turn has also announced higher temporary tariffs on some imports from the EU.

Persons: Christian Lindner, Janet Yellen, Lindner, CNBC's Karen Tso, Donald Trump, it's, Chancellor Olaf Scholz's, Trump Organizations: IMF, World Bank, German, European Union, International Monetary, Washington , D.C, Free Democratic Party, Chancellor Olaf Scholz's Social Democratic Party, U.S, EU, Reuters Locations: Washington , DC, U.S, Washington ,, China, EU, Germany

☆ Watch CNBC's full interview with German Finance Minister Christian Lindner
▼ + stars: | 2024-10-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with German Finance Minister Christian LindnerGerman Finance Minister Christian Lindner talks to CNBC's Karen Tso about the German economy, European capital markets and banking.

Persons: Christian Lindner, Karen Tso Organizations: German Finance, Christian Lindner German

☆ Germany's plan to halve military aid to Ukraine is a gift to Trump, expert says
▼ + stars: | 2024-07-19 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +4 min

Read previewA draft budget approved by Germany's government shows the country is planning to halve its military aid to Ukraine next year. The draft budget slashes the amount promised to Ukraine to $4.35 billion in 2025, compared to the roughly $8.14 billion it is receiving this year, Reuters reported. There are fears that Trump will scale back or even totally halt US aid to Ukraine. Germany is the second-biggest donor country by volume of military aid to Ukraine and is Europe's biggest economy. As such, the draft budget is a "moral hazard" for the country, Loss said.

Persons: —, Christian Lindner, Lindner, Rafael Loss, Donald Trump, Mary, Trump, he's, MAGA, JD Vance, there's, Olaf Scholz, Scholz Organizations: Service, Reuters, German, Business, European Council, Foreign Relations, Ukraine, Politico, Trump Loss, NATO Locations: Ukraine, Germany, Berlin, Europe

☆ Ukraine: Germany to halve military aid despite possible Trump White House
▼ + stars: | 2024-07-18 | by ( Story Reuters | ) edition.cnn.com time to read: +4 min

Reuters —Germany plans to halve its military aid to Ukraine next year, despite concerns that US support for Kyiv could potentially diminish if Republican candidate Donald Trump returns to the White House. German aid to Ukraine will be cut to €4 billion ($4.35 billion) in 2025 from around €8 billion in 2024, according to a draft of the 2025 budget seen by Reuters. Germany has faced criticism for repeatedly missing a NATO target of spending 2% of its economic output on defense. Days after Russia’s 2022 invasion of Ukraine, Chancellor Olaf Scholz announced a “Zeitenwende” – German for historic turning point - with a €100 billion special fund to bring the military up to speed. The defense budget is set to receive a meagre €1.3 billion more than in 2024, far below the €6.7 billion requested by Pistorius.

Persons: Donald Trump, Christian Lindner, Trump, JD Vance, Olaf Scholz, Kay Nietfeld, Chancellor Olaf Scholz, Boris Pistorius, Pistorius . Scholz, Zelensky, John MacDougall, “, ”, Ingo Gaedechens Organizations: Reuters, House, Group, German, Washington, Ukraine, Trump, NATO, Social Democrats, Greens, Defense, Getty, CDU Locations: Germany, Ukraine, €, Europe, United States, Russia, Irpin, Kyiv, Berlin

☆ Germany to slash military aid budget in blow to Ukraine
▼ + stars: | 2024-07-18 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Around 5.4 billion euros had been allocated to the fund in 2023, the budget outline shows. In recent years, large amounts of this section of the German budget has been allocated to support Ukraine following Russia's attack of the country. It also noted that Germany would continue to support Ukraine for as long as needed, in collaboration with its allies. The government had planned to re-allocate unused emergency debt, which was taken on during the Covid-19 pandemic, to its future spending plans. The German parliament will debate the draft budget when it returns from its summer break in September before it is finalized later in the year.

Persons: Christian Lindner, Donald Trump's, Sen, JD Vance, Olaf Scholz Organizations: Ukraine, CNBC, Reuters, Trump, Trump's, Military, NATO Locations: Germany, Ukraine, Russia

☆ The German government owns around $2 billion in bitcoin — and it's freaking out crypto investors
▼ + stars: | 2024-07-08 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Bitcoin has also been under selling pressure from the German government as well as collapsed bitcoin exchange Mt. Last month, the German government began selling bitcoin from a wallet operated by the country's Federal Criminal Police Office, referred to locally as the Bundeskriminalamt, or BKA. Bitcoin price reactionIn tandem with these sales, bitcoin has seen its price fall dramatically. At one point in the day, the entire crypto market had shed more than $170 billion in combined market capitalization in a 24-hour period, CoinGecko's data showed. Germany's bitcoin sales aren't the only concern for crypto investors.

Persons: Bitcoin, it's, wasn't, bitcoin, —, Nobuaki Kobayashi, James Butterfill, CoinShares, Germany's BKA, Joana Cotar, Cotar, Olaf Scholz, Christian Lindner, Michael Kretschmer, she's, Samson Mow Organizations: Federal Criminal Police, Arkham Intelligence, CNBC, Saxony, Federal Criminal Police Office, German Bundestag Locations: Gox, bitcoin, Germany, Saxony, Federal Republic of Germany, German, Berlin

☆ Germany seals 2025 budget plan after weeks of tense negotiations
▼ + stars: | 2024-07-05 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

German Chancellor Olaf Scholz smiles during a question time on July 3, 2024 at the Bundestag (lower house of parliament) in Berlin. "It is about a strong defense, a strong [German army] that offers protection from the aggressive tyrants of our time. An economic growth initiative has been planned alongside the budget, Scholz said. But the budget must then be discussed by the German parliament after its summer break, before being finalized later in the year. Negotiations have been ongoing for weeks after spending plans shared by individual ministries exceeded constraints by billions.

Persons: Olaf Scholz, Scholz, Christian Lindner, Lindner Organizations: Bundestag, CNBC, NATO, German, Reuters Locations: Berlin

☆ German cars are the best in the world, its finance minister insists: 'They do not have to fear Chinese competition'
▼ + stars: | 2024-04-19 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Christian Lindner (FDP), Federal Minister of Finance, is on his way to a bilateral meeting with US Treasury Secretary Yellen at the headquarters of the World Bank. Bernd von Jutrczenka | Picture Alliance | Getty ImagesGerman carmakers do not have to fear competition from China and are still considered the best in the world, German Finance Minister Christian Lindner told CNBC. "German car manufacturers are world leading, they do not have to fear Chinese competition," Lindner said. Competition in the electric vehicle, or EV, market in China and Europe, as well as the U.S., has been heating up in recent months. This came ahead of Scholz's visit to China earlier this month, during which he warned against unfair competitive and trade practices.

Persons: Christian Lindner, Yellen, Bernd von Jutrczenka, CNBC's Karen Tso, Lindner, China's BYD, Tesla, Janet Yellen, Ursula von der, Wang Wentao, Olaf Scholz Organizations: Federal, of Finance, US, World Bank, Getty, German, CNBC, Washington , D.C, European Union . U.S, Treasury, European Commission, European Union, Commerce, EV, Reuters Locations: China, Washington ,, Europe, U.S, EVs, EU

☆ Can Germany’s sputtering economy be revived in 2024?
▼ + stars: | 2024-02-10 | by ( Hanna Ziady | ) edition.cnn.com time to read: +11 min

Europe’s biggest economy shrank last year for the first time since the onset of the Covid-19 pandemic. And the outlook isn’t much brighter: the International Monetary Fund predicts that Germany will be the slowest-growing major economy in 2024, eking out an increase of just 0.5%. “Germany needs a fundamental economic transformation,” Marcel Fratzcher, president of the German Institute for Economic Research in Berlin, told CNN. Carsten Koall/Getty ImagesHomegrown troublesAlongside an external environment that has become more hostile to Germany’s outward-facing economy, the country’s internal political climate has worsened. Businesses such as these, which can find new markets and applications for their know-how, may hold the key to reviving Germany’s moribund economy.

Persons: What’s, ” Marcel Fratzcher, ”, Carsten Brzeski, Jens Schlueter, Constanze Stelzenmuller, Christian Lindner, Olaf Scholz, Robert Habeck, Carsten Koall, Michael Probst, Karl Haeusgen, ” Sebastian Shukla, Chris Stern Organizations: London CNN — Trains, Lufthansa, International Monetary Fund, European Union, European Commission, German Institute for Economic Research, CNN, ING, Brookings Institution, Volkswagen, Biden, Free Democratic Party, Social Democratic Party and, Green Party, Deutsche, LinkedIn, Investors, SAP, chipmaker Infineon, Intel, MAN Energy Solutions, Germany’s Machinery, Equipment Manufacturers Association Locations: Europe’s, Germany, Ukraine, Berlin, Europe, China, Zwickau, United States, Russia, “, Japan, masse, Frankfurt, ”, Hamburg, Jungheinrich, Augsburg, Munich, Esbjerg, Denmark

☆ Germany the ‘tired man’ of Europe, finance minister admits
▼ + stars: | 2024-01-19 | by ( Vicky Mckeever | ) www.cnbc.com time to read: +1 min

BERLIN, GERMANY - NOVEMBER 15: German Finance Minister Christian Lindner gives a statement to the media at the Chancellery following the weekly government cabinet meeting on November 15, 2023 in Berlin, Germany. "I know what some of you are thinking, Germany probably is a sick man. Germany is not the sick man," Christian Lindner told World Economic Forum delegates at a Bloomberg panel on Friday. References to Germany as the "sick man of Europe" resurfaced last year. The "sick man" title had first been used to describe Germany's economy in 1998 as the country navigated the costly challenges of a post-reunification economy.

Persons: Christian Lindner, Sean Gallup, Lindner Organizations: German Finance, German, Court, Getty, Economic, Bloomberg Locations: BERLIN, GERMANY, Berlin, Germany, Europe

☆ Deutsche Bank CEO says acquisitions not a 'priority' as Commerzbank rumors swirl
▼ + stars: | 2024-01-18 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Christian Sewing, Chief Executive Officer of Deutsche Bank, has acknowledged that a recession in Germany is inevitable, and urged leaders to accelerate its decoupling from China. Denis Balibouse | ReutersDeutsche Bank CEO Christian Sewing on Thursday said that merger and acquisition activity is not a priority for his group, as speculation resurfaces over the future of domestic rival Commerzbank . The state still has a 15% stake in Commerzbank, but Reuters reported earlier this week that Finance Minister Christian Lindner is open to disposing of it. The merger of Germany's two biggest banks would create a combined entity with around $2 trillion in assets, although Deutsche Bank's low valuation could complicate any such move. The bank trades at around 12 euros per share, a fraction of its book value, and a significant portion of assets would need to be marked down.

Persons: Denis Balibouse, Christian Lindner Organizations: Deutsche Bank, Reuters Deutsche Bank CEO, Commerzbank, Reuters, Deutsche, CNBC, Economic Locations: Germany, China, Commerzbank, Davos, Switzerland, Europe

☆ Tractors Converge on Berlin for Farmers' Protest
▼ + stars: | 2024-01-14 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +1 min

BERLIN (Reuters) - Farmers and their tractors rumbled towards Berlin from every corner of Germany on Sunday ahead of a giant protest demanding a rethink of plans to tax farmers more. But farmers, with the vocal backing of the opposition conservatives and the far-right, say this does not go far enough. "Farmers will die out," said farmer Karl-Wilhelm Kempner on Sunday as he boarded a bus in Cologne heading for the demonstration. Finance Minister Christian Lindner will address the protest and coalition party leaders have invited leaders of the demonstrations for talks. Disruption caused by protests and train strikes last week hurt coalition parties in the polls and propelled the far-right Alternative for Germany party to new heights.

Persons: Chancellor Olaf Scholz's, Karl, Wilhelm Kempner, Christian Lindner, Scholz, We've, Thomas Escritt, Ros Russell Organizations: BERLIN, Farmers, Finance Locations: Berlin, Germany, Berlin's, Cologne

Speaking to parliament, Scholz went into Germany's recent history of the COVID pandemic, the war in Ukraine and soaring energy prices to extend a suspension of self-imposed borrowing limits to tackle a crisis that has knocked his coalition. A constitutional court ruling nearly two weeks ago blocked the government's plans to reallocate unused pandemic funds towards green initiatives and industry support, raising fears Germany's economy could be further weakened. Scholz's assurances that his government would solve the budget crisis with care were met with jeers and laughter from the opposition Christian Democrats (CDU), whose lawsuit against the government had sparked the earlier court ruling. He underscored support for Ukraine, after the recent budget turmoil raised questions over how much military aid Berlin was willing to commit. "It is also clear that we must not let up in our support for Ukraine and in overcoming the energy crisis.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Friedrich Merz, Scholz, Germany's, Berlin, Scholz's, " Merz, Andreas Rinke, Christian Kraemer, Miranda Murray, Rachel More, Matthias Williams, Kirsti Knolle, Bernadette Baum Organizations: Climate, Christian Democratic Union, CDU, Bundestag, Christian Democrats, Ukraine, Finance, Thomson Locations: BERLIN, Ukraine, Germany, East Germany

☆ German government unveils budget fixes as way out of crisis
▼ + stars: | 2023-11-27 | by ( Christian Kraemer | ) www.reuters.com time to read: +5 min

The government said the spillover effects from the energy crisis that hit in 2022 after Russia's invasion of Ukraine and caused rocketing prices had created an emergency situation that justified suspending the debt brake. The leader of Scholz's SPD urged the government to consider suspending the debt brake next year, a move rejected in particular by the fiscally hawkish Free Democrats (FDP). "The debt brake must remain." The debt brake, introduced after the global financial crisis of 2008-2009, was first suspended in 2020 to help the government support firms and health systems during the COVID-19 pandemic. On Monday he stressed the need to give companies, which have been worried by the uncertainty caused by the budget crisis, clarity as quickly as possible.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Annegret, Olaf Scholz's, finalising, Scholz's, Christian Duerr, Bijan Djir, Christian Kraemer, Riham Alkousaa, Amir Orusov, Rachel More, Matthias Williams, Thomas Escritt, Alison Williams, Tomasz Janowski Organizations: Finance, Climate, REUTERS, Free Democrats, ZDF, Greens, Thomson Locations: Berlin, Germany, BERLIN, Ukraine, Sarai, East Germany

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