Gelockerte Schuldenbremse: Einhaltung der EUFiskalregeln wird wieder zur Herausforderung

Thiess Büttner

Wirtschaftsdienst, 2025, vol. 105, issue 4, 282-287

Abstract: The changes to Germany’s constitutional debt limit (aka debt brake) adopted in March 2025 open up considerable additional scope for debt financing of public spending. However, not only must German fiscal policy observe the limits set by the German constitution, but the Stability and Growth Pact also restricts debt financing. Hence, there is a risk that the relaxation of the debt brake could bring Germany into greater conflict with EU fiscal rules, as was the case at the beginning of the European Monetary Union. Against the background of current fiscal planning, the article discusses the additional borrowing scope that exists now, the consequences for the development of the debt ratio, and whether and to what extent there is a risk of conflict with EU requirements. The article concludes with a brief discussion of the possibilities for ensuring compliance with the EU requirements within the framework of budgetary surveillance.

JEL-codes: E62 H68 H77 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:wirtsc:v:105:y:2025:i:4:p:282-287:n:1017

DOI: 10.2478/wd-2025-0073

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