Germany has problems with money – level 3

Germany has problems with money

01-12-2023 07:00

The German government is facing a fiscal crisis due to the Constitutional Court’s cancellation of 60 billion euros in spending from a climate and transformation fund, leading to the suspension of the debt brake.

This temporary relief poses long-term challenges for three reasons. Firstly, the austerity measures in a contracting economy will impact the 2024 budget. Secondly, prolonged legal and economic uncertainties will hinder businesses and households, affecting private investment and savings. Lastly, the risk of lower public investment threatens Germany’s long-term prosperity.

The need for increased public investment clashes with the country’s historical fiscal restraint, potentially leading to a higher debt-to-GDP ratio.

Difficult words: tailor (relating to taxes), austerity (measures taken to reduce government spending), hinder (make it difficult for someone to do something or for something to happen).

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How might the German government reconcile its historic fiscal restraint with the need for additional public investment to ensure long-term economic prosperity?

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