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Germany's balanced budget amendment, also referred to as the debt brake (German: Schuldenbremse), is a fiscal rule enacted in 2009 by the First Merkel cabinet.The law, which is in Article 109, paragraph 3 and Article 115 of the Basic Law, Germany's constitution, is designed to restrict structural budget deficits at the federal level and limit the issuance of government debt.
In November 2023, Germany's Federal Constitutional Court (Bundesverfassungsgericht) declared parts of the government's budget policy unconstitutional. Scholz's cabinet had reallocated unspent debt proceeds – originally designated to mitigate the COVID-19 pandemic – to its climate action budget.
The federal budget for 2021 is €369.3 billion. [11] With total government spending of €1.76 trillion in 2021, the federal budget comprises only a fraction of total public sector spending in Germany. [12] Germany's budget for the 2005 fiscal year can be found below, which also outlines the basic budget structure.
The debt limits were enacted in 2009 after the government piled up debt paying to rebuild former East Germany after Germany reunified at the end of the Cold War and when tax revenue dropped during ...
Germany's intensifying budget crisis is hitting Europe's top economy where it hurts most: its reputation as a reliable partner for industry, some of which now fears that Berlin may not stand by ...
BERLIN/FRANKFURT (Reuters) -German Chancellor Olaf Scholz said on Saturday he was confident that tough talks with coalition partners to fix the country's 2024 budget following a landmark court ...
A court in Stuttgart convicts a dual Russian-German national of violating export laws by delivering electronic components to Russian firms involved in the production of military equipment from 2020 to 2023 and sentences him to six years and nine months' imprisonment. [73] Germany issues plans to halve its military aid to Ukraine in 2025. [74]
Germany's governing coalition reached a deal Wednesday to resolve a budget crisis triggered by a court ruling last month, agreeing to cut some subsidies and spending while stressing that Berlin ...