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Global FX and Economics: German elections - “The world isn’t waiting” but the euro will have to
At Any Rate
German Fiscal Prudence and EU Rules
- Germany's fiscal policy is constrained by both EU rules and its own stricter debt brake, making it challenging to exceed a 3% deficit.
- While other countries might temporarily breach these limits during crises, Germany prioritizes setting a precedent for fiscal responsibility within the EU.
- Germany believes its adherence to the rules encourages other member states to follow suit.
- Although there might be some flexibility within the debt sustainability aspects of the new fiscal framework, exceeding the 3% deficit target remains a significant hurdle for Germany due to the importance of context and precedent.
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