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The German economic crisis is a significant downturn of Germany's economy that marked a dramatic reversal of its previous "labour market miracle" period of 2005–2019. The country, which had been considered to be Europe's economic powerhouse in prior decades, became the worst-performing major economy globally in 2023 with a 0.3% contraction, followed by minimal growth in 2024 leaning on ...
Financial stability is the absence of system-wide episodes in which a financial crisis occurs and is characterised as an economy with low volatility. It also involves financial systems' stress-resilience being able to cope with both good and bad times. Financial stability is the aim of most governments and central banks. The aim is not to ...
The European Stability Mechanism (ESM) is a permanent rescue funding programme to succeed the temporary European Financial Stability Facility and European Financial Stabilisation Mechanism in July 2012 [292] but it had to be postponed until after the Federal Constitutional Court of Germany had confirmed the legality of the measures on 12 ...
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.
For many years the equalization payments have opened up a gap between financially strong and financially weak states that was greatly intensified by the incorporation of the new states of Germany after reunification, with their initially especially weak economic and financial power. In 2015 only four states paid into the mechanism; Bavaria €5 ...
Financial contagion was felt severely, especially in countries whose financial systems were vulnerable due to local housing bubbles and current account deficits. Some of the countries affected were Germany, Iceland, Spain, Britain and New Zealand among others. [21] Many analysts and governments had failed to predict the real effects of the crisis.
The European Stability Mechanism (ESM) is a permanent rescue funding programme to succeed the temporary European Financial Stability Facility and European Financial Stabilisation Mechanism in July 2012 [113] but it had to be postponed until after the Federal Constitutional Court of Germany had confirmed the legality of the measures on 12 ...
An article 126(3) assessment report can declare an apparent numerical breach "exempted" and hereby "accepted", if the breach in example was solely caused by "extra expenditures caused by implementation of structural improving pension reforms" or "payment of bailout funds to financial stability mechanisms" or "payment of national funds to the ...