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☆ I deeply believe that Germany's role is to bring Europe together: Habeck
▼ + stars: | 2024-11-12 | 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 EmailI deeply believe that Germany's role is to bring Europe together: HabeckRobert Habeck, Germany's vice-chancellor, speaks to CNBC's Michael Considine at the Web Summit tech conference in Lisbon.

Persons: Habeck Robert Habeck, CNBC's Michael Considine Organizations: Summit Locations: Europe, Lisbon

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. “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

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

☆ 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

☆ Germany’s auto giants are struggling to stay relevant
▼ + stars: | 2024-10-18 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +5 min

The latter appeared to hint at the Germany's waning influence over regional policy — a likely unthinkable notion only a few years ago. "The question is whether German car makers manage to adjust their product portfolios, change their organizations, and ramp up productivity quickly enough to preserve the status and relevance they had for decades." Brand loyaltyNot everyone is as concerned about the outlook for Germany's car industry. Sigrid de Vries, director general of the European Automobile Manufacturers' Association (ACEA), a car lobby group, said she finds it "really hard to believe" that Germany's auto sector is struggling to adapt to the electrification. Stephane Mouchmouche | Afp | Getty ImagesSome hope that this week's Paris Motor Show could prove to be a turning point for Europe's auto industry.

Persons: Julian Stratenschulte, Rico Luman, Robert Habeck, Luman, Chancellor Olaf Scholz, Germany's, Sigrid de Vries, de Vries, ACEA's de Vries, Porte, Stephane Mouchmouche, John Cooper, Julia Poliscanova, Poliscanova Organizations: VW, Getty, Volkswagen, Mercedes, Benz Group, BMW, Union, ICE, ING, CNBC, Federal, Economic Affairs, Emden ., EVs, Reuters, European Automobile Manufacturers ' Association, Paris, Automotive Summit, Porte de, Afp, John Cooper Works Electric, Transport, Environment Locations: Wolfsburg, Germany, China, Emden, German, Berlin, Europe, France, automaking, Paris

☆ Germany blocks sale of VW gas turbine business to China
▼ + stars: | 2024-07-04 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London/Berlin CNN —Germany has blocked the sale of a Volkswagen subsidiary to China on national security grounds, delivering a fresh blow to the already tense relationship with its biggest trading partner. MAN Energy Solutions, part of the Volkswagen Group, said in June 2023 that it planned to sell its gas turbines business to Chinese state-owned CSIC Longjiang GH Gas Turbine Co (GHGT). But a German government review, initiated in September, raised concerns that China might use the gas turbines to power warships, according to Reuters. In November 2022, Germany blocked the sale of one of its semiconductor factories to a Chinese-owned tech company, also citing security concerns. “(We) will now initiate a structured process to close-down the gas turbine division, which will take place over the coming months,” the company added in a statement shared with CNN.

Persons: Robert Habeck, ”, Nancy Faeser Organizations: Berlin CNN —, Volkswagen, MAN Energy Solutions, Volkswagen Group, GH Gas Turbine Co, Reuters, European Union, Ukraine —, China’s Ministry of Foreign Affairs, CNN Locations: Berlin, Berlin CNN — Germany, China, Beijing, Germany, Russia, Ukraine

☆ Trade between the US and Germany is growing. Concerns over China might be driving the shift.
▼ + stars: | 2024-06-24 | by ( John Towfighi | ) www.businessinsider.com time to read: +6 min

Trade between the US and Germany was 63.2 billion euros in the first quarter of 2024, edging out the 60 billion euros of trade between China and Germany, according to data from the German government. AdvertisementElectric vehicles are causing riftsAutomobiles are at the center of a new dispute between China and Germany. Nearly a third of German car sales in 2023 came from China, according to Reuters, leaving the industry vulnerable to a trade war. The slump in German exports to China is a sign of vulnerability in trade relations, according to the FT. In 2022, trade between China and Germany was 50 billion euros greater than that between Germany and the US.

Persons: —, Biden, EVs, Robert Habeck, Habeck, Oliver Rakau, Martin Wolf Organizations: Service, Business, European Union, Bloomberg, European Commission, BMW, Porsche, Volkswagen, Reuters, EU, European Union Chamber of Commerce, Atlantic Council, Oxford Economics, US, Trump, Biden Locations: China, Germany, Russia, Ukraine, West, Beijing, European, materializing, Red, Europe, Brussels

☆ EU and China set for talks on planned electric vehicle tariffs
▼ + stars: | 2024-06-23 | by ( ) www.cnbc.com time to read: +5 min

The EU and China have reportedly agreed to start talks on the planned imposition of tariffs on Chinese-made EVs. Germany's Economy Minister Robert Habeck said he had been informed by EU commissioner Valdis Dombrovskis that there would be concrete negotiations on tariffs with China. The minister had said earlier on Saturday that the European Union's door was open for discussions regarding EU tariffs on Chinese exports. Proposed EU tariffs on Chinese goods are not a "punishment", Habeck told Chinese officials earlier in Beijing. Proposed EU duties on Chinese-made EVs would hurt both sides, Zheng added.

Persons: Robert Habeck, Valdis, Wang Wentao, Habeck, Habeck's, Zheng Shanjie, Zheng, Valdis Dombrovskis Organizations: Afp, Getty Images, European Union, Germany's, EU, European Commission, Russia, National, Reform Commission, Chinese Commerce, EU Trade Locations: Taicang Port, Suzhou, China's, Jiangsu Province, EU, China, Getty Images China, Shanghai, Beijing, Brussels, Berlin, Ukraine, Russia, Europe, U.S, Brazil, Turkey, Germany

☆ Germany Hopes to Head Off a Trade War With China
▼ + stars: | 2024-06-22 | by ( Keith Bradsher | ) www.nytimes.com time to read: +1 min

With billions of dollars in trade between China and the European Union at stake, Germany’s second-highest cabinet official called on Saturday for the two sides to engage in talks to try to resolve an escalating dispute over tariffs. Robert Habeck, who is Germany’s vice chancellor and minister for economic affairs and climate, said that he expected talks to begin soon between China and European officials. Still, he added that tariffs could be justified if the commission’s concerns about China’s subsidies for its electric car industry were not resolved. This month, the European Commission, the executive body of the European Union, proposed tariffs of up to 38 percent on electric cars from China, on top of an existing 10 percent tariff on imported cars. The commission said it found that China’s electric car sector was heavily subsidized by the government and state-controlled banking system.

Persons: Germany’s, Robert Habeck Organizations: European Union, European Commission Locations: China

☆ EU tariffs on China not a 'punishment,' says German economy minister
▼ + stars: | 2024-06-22 | by ( ) www.cnbc.com time to read: 1 min

Proposed European Union tariffs on Chinese goods are not a "punishment," Germany's Economy Minister Robert Habeck told Chinese officials in Beijing on Saturday. Habeck's visit to China is the first by a senior European official since Brussels proposed hefty duties on imports of Chinese-made electric vehicles (EVs) to combat what the EU considers excessive subsidies. China warned on Friday ahead of his arrival that escalating frictions with the EU over EVs could trigger a trade war. "It is important to understand that these are not punitive tariffs," Habeck said in the first plenary session of a climate and transformation dialogue. Countries such as the U.S., Brazil and Turkey have used punitive tariffs, but not the EU, the economy minister said.

Persons: Robert Habeck, Habeck's, Habeck Organizations: EU Locations: Beijing, China, Brussels, U.S, Brazil, Turkey, Europe

☆ 5 killed after floods engulf southern Germany
▼ + stars: | 2024-06-04 | by ( Billy Stockwell | Inke Kappeler | ) edition.cnn.com time to read: +4 min

CNN —Five people have died and thousands were evacuated in southern Germany after heavy rainfall hit the region and caused vast floods, prompting warnings from senior officials that the climate crisis was set to worsen extreme weather in the country. After heavy rainfall, the German Armed Forces has sent 800 personnel to the region to help with rescue efforts. Record floods occur every few years … record rainfall every few years,” Habeck, of the Greens Party, told broadcaster n-tv. Deadly floods hit Western Europe in 2021, with at least 220 people killed between July 12 and 15, mostly in Germany. Other areas of Europe have also been affected by heavy rainfall in recent days.

Persons: Juergen Weiss, Thomas Niedermueller, Armin Weigel, Olaf Scholz, ” Scholz, Robert Habeck, ” Habeck, HINA, CNN’s Barbie Nadeau, Louis Mian Organizations: CNN, Bavarian firefighters, Authorities, German Armed Forces, Bavarian, Environmental Office, Economy, Greens Party, Firefighters, Sunday, RTV SLO Locations: Germany, Bavaria, Baden, Wuerttemberg, Regensburg, Rudersberg, Bavarian, Passau, Europe, Udine, Northeastern Italy, Slovenia, Gornja Radgona, Austrian, Zagorje county

☆ Rescue worker dies, several thousand evacuated in southern Germany floods
▼ + stars: | 2024-06-02 | by ( ) edition.cnn.com time to read: +1 min

CNN —A firefighter died while trying to rescue trapped residents and several thousand people were forced to leave their homes as heavy rain caused flooding in southern Germany. The 42-year-old man who died was in a rescue boat carrying four firefighters that capsized late on Saturday. Municipalities had days to prepare for the flooding but around 3,000 people had to be evacuated in southern Germany as the water cut off some areas, authorities said. Record floods occur every few years … record rainfall every few years,” Habeck, of the Greens Party, told broadcaster n-tv. Parts of Europe were hit by major flooding in 2021 that killed nearly 200, with Germany bearing the brunt.

Persons: “, ”, Olaf Scholz, X, Scholz, Nancy Faeser, Armin Weigel, Robert Habeck, ” Habeck Organizations: CNN, Ilm, AP Economy, Greens Party Locations: Germany, Bavarian, Pfaffenbach, Munich, Municipalities, Bavaria, Europe

BERLIN (AP) — Germany's vice chancellor on Tuesday launched a program initially worth up to 4 billion euros ($4.4 billion) to help heavy industry shift to more climate-friendly production over a 15-year period. Support will be capped at 1 billion euros per bidder in an effort to accommodate medium-sized companies. He said it is “super cost-efficient” because companies will be bidding to make carbon-neutral production as economically as possible. Habeck's Economy Ministry hopes that a second round of bidding for support totaling up to 19 billion euros will take place at the end of the year. But if “designed wrong, carbon contracts for difference stand completely in the way of this transition” by chaining the country to old, climate-damaging technology, he argued in a statement.

Persons: — Germany's, Robert Habeck, ”, Martin Kaiser, “, Habeck Organizations: BERLIN, European Union, ”, Ministry, of German Industries, Greenpeace, Green Locations: Germany, Greenpeace Germany

☆ Germany’s housebuilding sector is in a 'confidence crisis' as the economy struggles
▼ + stars: | 2024-02-23 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Patrick Pleul | Picture Alliance | Getty ImagesGermany's housebuilding sector has gone from bad to worse in recent months. "The housebuilding sector is, I would say, a little bit in a confidence crisis," Dominik von Achten, chairman of German building materials company Heidelberg Materials, told CNBC's "Squawk Box Europe" on Thursday. In January both the current sentiment and expectations for the German residential construction sector fell to all-time lows, according to data from the Ifo Institute for Economic Research. The business climate reading fell to a negative 59 points, while expectations dropped to negative 68.9 points in the month. Habeck pointed to higher interest rates as a key challenge for the economy, explaining that those had led to reduced investments, especially in the construction sector.

Persons: Patrick Pleul, Dominik von Achten, CNBC's, Klaus Wohlrabe, Robert Habeck, Wohlrabe, It's, Achten Organizations: Getty, Heidelberg Materials, Ifo Institute for Economic Research, Hamburg Commercial Bank, PMI, Climate Locations: Germany, Ifo, Heidelberg

☆ Germany slashes 2024 growth forecast to just 0.2% as economy in 'tricky waters,' minister says
▼ + stars: | 2024-02-21 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Robert Habeck, German Minister for Economy and Climate Protection and Vice Chancellor, is pictured during the weekly meeting of the cabinet on February 21, 2024 in Berlin, Germany. Germany's gross domestic product is now expected to grow by just 0.2% this year, as the country wades in "tricky waters," German Economy Minister Robert Habeck said Wednesday. The revised GDP growth forecast is down from a previous estimate of 1.3%. Speaking during a news briefing, the minister attributed the revised forecast to an unstable global economic environment and to the low growth of world trade, alongside higher interest rates. "The economy is in tricky waters," Habeck said in a statement released online, according to a CNBC translation.

Persons: Robert Habeck, Habeck Organizations: Protection, CNBC Locations: Berlin, Germany, Ukraine

It does not participate in NATO’s nuclear planning group. Talk of a European nuclear umbrella has come from, among others, German members of the European Parliament. But Chancellor OIaf Scholz and other top security policy officials believe there is no alternative to NATO’s nuclear umbrella. NATO’s nuclear deterrence relies in part on U.S. warheads deployed in Europe using local infrastructure. NATO conducts a major nuclear exercise every year to ensure its readiness and to act as a deterrent to any would-be aggressor, primarily Russia.

Persons: Donald Trump, Jens Stoltenberg, that’s, ”, United Kingdom –, ” Stoltenberg, “, Emmanuel Macron, OIaf Scholz, Boris Pistorius, shouldn’t, who’s, Trump, Joe Biden, Stoltenberg, ” Pistorius, Robert Habeck, ___ Moulson, Sylvie Corbet Organizations: NATO, German, Republican, Welt, Washington, Associated Locations: BRUSSELS, United States, Europe, Ukraine, U.S, Brussels, North America, France, United Kingdom, Russia, European, Berlin

☆ Germany’s economy is on shaky ground and glimmers of hope are few and far between
▼ + stars: | 2024-02-12 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

"The data confirm that German industry is still in recession," Holger Schmieding, chief economist at Berenberg Bank, told CNBC. Exports – which are a major cornerstone of the German economy – fell by 4.6% in December and 1.4%, or 1.562 trillion euros ($1.68 trillion), across the year. Meanwhile, factory orders data seemed promising at first glance as it reflected an 8.9% increase in December compared to November. "Orders excluding large-scale orders actually fell to a post-pandemic low," she added. For 2023 overall in comparison to the previous year, factory orders were down 5.9%.

Persons: Olaf Scholz, Robert Habeck, Christian Lindner, Holger Schmieding, –, Franziska Palmas, Schmieding Organizations: Greens, Federal, Economic Affairs, of Finance, Berenberg Bank, CNBC, Industrial, Capital Economics Locations: Germany, Europe

☆ 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’s far-right AfD face mounting protests over plan to deport migrants
▼ + stars: | 2024-01-20 | by ( Sophie Tanno | Nadine Schmidt | ) edition.cnn.com time to read: +6 min

Protests of up to 30,000 people have already taken place in cities including Berlin, Leipzig, Rostock, Essen and Cologne. Demonstrators gathered outside the capital’s redbrick town hall on Wednesday holding placards reading “Nazis out” and chanting slogans against far-right AfD politician Björn Höcke. The gathering of AfD members, neo-Nazis and other far-right extremists took place at a lakeside hotel outside the city of Potsdam on November 25. The AfD told CNN that the two “separated with mutual agreement.”However, the idea of a “mass deportation plan” was openly supported by one AfD representative in the state of Brandenberg. Sebastian Christoph Gollnow/picture alliance/dpa/Getty ImagesAsked whether he thought the protests would encourage people to stop voting for the AfD, Abaci was hopeful.

Persons: Björn Höcke, Annalena Baerbock, Olaf Scholz, Sebastian Christoph Gollnow, Correctiv, ”, Alice Weidel, Roland Hartwig –, René Springer, Christian Dürr, Rika von Gierke, “, ” “, ’, It’s, ” Kazin, ” Chancellor Scholz, Baerbock, Abaci, Scholz, Robert Habeck, Stern, –, Nadine Schmidt, Sophie Tanno Organizations: Berlin CNN, Potsdam Sunday, CNN, Free Democrats Party, ” Locations: Germany, Berlin, Leipzig, Rostock, Essen, Cologne, Potsdam, Brandenberg, Frankfurt, Hamburg, Nazi, Thuringia, Saxony, Brandenburg, London

Political Cartoons View All 253 ImagesZelenskyy is following that up with his first trip to Davos as president after speaking by video in previous years. The corporate chiefs will hear “what kind of immediate assistance is needed” and lay out how private and public sectors can help Ukraine rebuild one day, forum organizers say. The session will draw NATO leader Jens Stoltenberg, German Vice Chancellor Robert Habeck and U.S. envoy for Ukraine's economic recovery, Penny Pritzker, among others. While the geopolitical situation has oozed gloom, businesses appear more hopeful — in part from prospects that artificial intelligence can help boost productivity. Leading Western stock indexes shot up in 2023, and falling inflation raised hopes of a decline in interest rates.

Persons: Volodymyr Zelenskyy, Zelenskyy, Jordan, Premier Li Qiang, Ursula von der Leyen, Jake Sullivan, Donald Trump —, Putin —, White, Viola Amherd, Jens Stoltenberg, Robert Habeck, Penny Pritzker, Gitanas Nauseda, José Manuel Albares Bueno, Satya Nadella — Organizations: European Union, Russia, Hamas, Premier, United States, Ukraine, —, Bruins, Spanish, Microsoft Locations: DAVOS, Switzerland, Swiss, Davos, United States, China, Qatar, Zelenskyy, Russia, Bern, Ukraine, ”, East, Europe

Now, many are warning that the far-right Alternative for Germany (AfD) party is capitalizing on the chaos for its own political gain. Sean Gallup/Getty ImagesA tractor displays a banner with the logo of the far-right Alternative for Germany (AfD) party that reads: "Germany needs new elections!" “Supporting democratic protests like this against traffic light madness will continue to be a concern of our hearts,” one post reads. The traffic light will soon be standing all alone.”The “traffic light” is a reference to Scholz’s coalition government – an allusion to the colors of the Social Democratic Party (SPD), the Free Democratic Party (FDP) and the Greens it is comprised of. Far-right coup fantasiesGerman ministers and a domestic intelligence chief have warned how right-wing extremists could try to exploit the farmers’ protests.

Persons: Chancellor Olaf Scholz’s, Kirill Kudryavtsev, Sean Gallup, Martin, ” Steven, Björn Höcke, Scholz, Johannes Kiess, ” Kiess, Jens Schlueter, Kiess, Robert Habeck, ” “, ” Habeck, Kay Nietfeld, Stephan Kramer, –, ” Kramer, ”, Nadine Schmidt, Claudia Otto, Sophie Tanno Organizations: Germany CNN — Farmers, Farmers, Getty, Social Democratic Party, SPD, Free Democratic Party, Greens, Germany’s Office, Homeland, Deutsche, University of Leipzig, CNN, “, Ukraine, Tractors, CDU, CSU, Christian Democratic Union, Christian Social Locations: Berlin, Germany, Frankfurt, AFP, Brandenburg, Hamburg, Cologne, Bremen, Nuremberg, Munich, Rügen, Pomerania, Thuringia, Berlin ., Dresden, Saxony, Deutsche Bahn, Cottbus, Torgau, London

It's clear how that will end.”Germany’s constitutional court has voided some 60 billion euros ($65 billion) in spending for this year and next. Without yet another emergency declaration next year, the government would have to scramble to cover shortfalls of roughly 30 billion to 40 billion euros — plus 20 billion to 30 billion euros for 2025 — compared with earlier plans, according to Holger Schmieding, chief economist at Berenberg bank. The fallout has left Germany projected to be the worst-performing major economy this year, shrinking by 0.5%, according to the International Monetary Fund. That has led to calls from some to loosen the debt limits because they restrict the government's response to new challenges. Yet even some opposition state governors have said the debt limits should be loosened.

Persons: Chancellor Olaf Scholz, “ We've, Robert Habeck, “, ”, Holger Schmieding, Schmieding, Free Democrats doesn't, Kai Wegener Organizations: U.S, International Monetary Fund, Industry, Volkswagen, BMW, Mercedes, Benz, Seven, Social Democrats, Greens, Free Democrats, Christian Democrats, Berlin Locations: FRANKFURT, Germany, Ukraine, Russia, China, Berenberg, East Germany, Europe, Britain, U.S, Italy, Japan

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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