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Constitutional Court Ruling

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politics2 years ago•2 min saved

Germany's Urgent Budget Crisis: What You Need to Know

German Chancellor Olaf Scholz has promised to present new budget plans "very quickly" to Parliament after a constitutional court ruling last week caused financial disarray and a €60 billion hole in the country's budget. The ruling has delayed next year's budget and may require an emergency budget for this year. Scholz's coalition is determined to move forward with new budget plans but has not specified where spending cuts will be made. The ruling will likely limit the use of special funds to circumvent the debt brake, and legal experts argue that a supplementary emergency budget will be necessary to account for energy subsidies. Finance Minister Christian Lindner evaded making a clear reply on potentially relaxing debt rules for this year.

via POLITICO Europe|

#budget-plans #constitutional-court-ruling #debt-brake

economy2 years ago•2 min saved

Germany's Budget Crisis Deepens with Freeze on New Spending

Germany's finance ministry has implemented a spending freeze on all federal ministries following a ruling by the constitutional court that created a €60 billion hole in the government's budget. The freeze halts most new spending authorizations and raises concerns about the government's ability to draw money from special funds. Lawmakers are assessing the impact of the ruling, which may require a consolidation of €52 billion in the budget planning for the coming year. There are growing calls to suspend the debt brake and reform it, as the government struggles to finance its green transition and protect German industry.

via POLITICO Europe|

#budget-crisis #constitutional-court-ruling #debt-brake