BERLIN: German Chancellor Angela Merkel's centre-right party wants to stick to its 'black zero' budget policy of no new debt, despite growing pressure at home and from abroad to ditch the fiscal maxim, a party document showed on Monday.
Germany's debt brake allows the federal government to run a small budget deficit every year while the self-imposed balanced budget pledge rules out any new borrowing. But with the economy slowing and tax revenues waning, the fiscal room to counter a recession is getting smaller. At the same time, Germany's borrowing costs have turned into premiums which means investors are actually willing to pay the German state a bonus for being able to lend it billions of euros.
Schaeuble said politicians should use the fiscal leeway of the constitutionally enshrined debt rules, implying that the policy of no new debt should not be a maxim anymore.
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