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Debt Brake (Germany)
The debt brake (''german: Schuldenbremse'')The EconomistGermany’s debt brake - Tie your hands, please/ref> is a fiscal rule that was enacted in 2009 in Germany. The law, which is in Article 109, paragraph 3 and Article 115 of the Basic Law for the Federal Republic of Germany, Basic Law, Germany's constitution, is designed to restrict structural budget deficits at the Federal level and limit the issuance of government debt. History The debt brake was enacted because the nation's debt-to-GDP ratio exceeded the 60% threshold fixed in the Maastricht Treaty, primarily a result of the heavy payments to reconstruct former communist New states of Germany, Eastern Germany after German reunification, reunification and a loss of tax revenue during the Great Recession. The law required a change to the constitution and in 2009, it was approved with a two-thirds majority both by the Bundestag and the Bundesrat (Germany), Bundesrat. At the federal level, the law limited the budget deficit to 0.3 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Basic Law For The Federal Republic Of Germany
The Basic Law for the Federal Republic of Germany (german: Grundgesetz für die Bundesrepublik Deutschland) is the constitution of the Federal Republic of Germany. The West German Constitution was approved in Bonn on 8 May 1949 and came into effect on 23 May after having been approved by the occupying western Allies of World War II on 12 May. It was termed "Basic Law" (german: Grundgesetz) to indicate that it was a provisional piece of legislation pending the reunification of Germany. However, when reunification took place in 1990, the Basic Law was retained as the definitive constitution of reunified Germany. Its original field of application (german: Geltungsbereich)—that is, the states that were initially included in the Federal Republic of Germany—consisted of the three Western Allies' zones of occupation, but at the insistence of the Western Allies, formally excluded West Berlin. In 1990, the Two Plus Four Agreement between the two parts of Germany and all four All ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Olaf Scholz
Olaf Scholz (; born ) is a German politician who has served as the chancellor of Germany since 8 December 2021. A member of the Social Democratic Party of Germany, Social Democratic Party (SPD), he previously served as Vice Chancellor of Germany, Vice Chancellor under Angela Merkel and as Federal Ministry of Finance (Germany), Federal Minister of Finance from 2018 to 2021. He was also List of mayors of Hamburg, First Mayor of Hamburg from 2011 to 2018 and deputy leader of the SPD from 2009 to 2019. Scholz began his career as a lawyer specialising in Labour law, labour and employment law. He became a member of the SPD in the 1970s and was a member of the Bundestag from 1998 to 2011. Scholz served in the Government of Hamburg, Hamburg Government under List of mayors of Hamburg, First Mayor Ortwin Runde in 2001, before his election as Social Democratic Party of Germany, General Secretary of the SPD in 2002, serving alongside SPD leader and then-Chancellor Gerhard Schröder. He beca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiscal Policy
In economics and political science, fiscal policy is the use of government revenue collection (taxes or tax cuts) and expenditure to influence a country's economy. The use of government revenue expenditures to influence macroeconomic variables developed in reaction to the Great Depression of the 1930s, when the previous laissez-faire approach to economic management became unworkable. Fiscal policy is based on the theories of the British economist John Maynard Keynes, whose Keynesian economics theorised that government changes in the levels of taxation and government spending influence aggregate demand and the level of economic activity. Fiscal and monetary policy are the key strategies used by a country's government and central bank to advance its economic objectives. The combination of these policies enables these authorities to target inflation (which is considered "healthy" at the level in the range 2%–3%) and to increase employment. Additionally, it is designed to try to k ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Budget Balance
The government budget balance, also alternatively referred to as general government balance, public budget balance, or public fiscal balance, is the overall difference between government revenues and spending. A positive balance is called a ''government budget surplus'', and a negative balance is a ''government budget deficit''. A government budget is a financial statement presenting the government's proposed revenues and spending for a financial year. A budget is prepared for each level of government (from national to local) and takes into account public social security obligations. The government budget balance can be broken down into the ''primary balance'' and interest payments on accumulated government debt; the two together give the budget balance. Furthermore, the budget balance can be broken down into the ''structural balance'' (also known as ''cyclically-adjusted balance'') and the cyclical component: the structural budget balance attempts to adjust for the impact of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Structural And Cyclical Deficit
Within the budgetary process, deficit spending is the amount by which spending exceeds revenue over a particular period of time, also called simply deficit, or budget deficit; the opposite of budget surplus. The term may be applied to the budget of a government, private company, or individual. Government deficit spending was first identified as a necessary economic tool by John Maynard Keynes in the wake of the Great Depression. It is a central point of controversy in economics, as discussed below. Controversy Government deficit spending is a central point of controversy in economics, with prominent economists holding differing views. The mainstream economics position is that deficit spending is desirable and necessary as part of countercyclical fiscal policy, but that there should not be a structural deficit (i.e., permanent deficit): The government should run deficits during recessions to compensate for the shortfall in aggregate demand, but should run surpluses in boom times ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debt-to-GDP Ratio
In economics, the debt-to-GDP ratio is the ratio between a country's government debt (measured in units of currency) and its gross domestic product (GDP) (measured in units of currency per year). While it is a "ratio", it is technically measured in units of year, and can be interpreted as the number of years a country needs to pay off its entire debt, if all its GDP is devoted towards it. A low debt-to-GDP ratio indicates that an economy produces goods and services sufficient to pay back debts without incurring further debt. Geopolitical and economic considerations – including interest rates, war, recessions, and other variables – influence the borrowing practices of a nation and the choice to incur further debt. It should not be confused with a deficit-to-GDP ratio, which, for countries running budget deficits, measures a country's annual net fiscal loss in a given year ( total expenditures minus total revenue, or the net change in debt per annum) as a percentage share of tha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2021 German Federal Election
Federal elections in Germany, Federal elections were held in Germany on 26 September 2021 to elect the members of the List of members of the 20th Bundestag, 20th Bundestag. States of Germany, State elections in 2021 Berlin state election, Berlin and 2021 Mecklenburg-Vorpommern state election, Mecklenburg-Vorpommern were also held. Incumbent chancellor Angela Merkel, first elected in 2005 German federal election, 2005, chose not to run again, marking the first time that an incumbent Chancellor of the Federal Republic of Germany has not sought re-election. With 25.7% of total votes, the Social Democratic Party of Germany (SPD) recorded their best result since 2005, and emerged as the largest party for the first time since 2002 German federal election, 2002. The ruling CDU/CSU, which had led a Grand coalition (Germany), grand coalition with the SPD since 2013 German federal election, 2013, recorded their worst ever result with 24.1%, a significant decline from 32.9% in 2017 German ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alliance 90/The Greens
Alliance 90/The Greens (german: Bündnis 90/Die Grünen, ), often simply referred to as the Greens ( ), is a Green politics, green List of political parties in Germany, political party in Germany. It was formed in 1993 as the merger of The Greens (formed in West Germany in 1980) and Alliance 90 (formed in East Germany in 1990). The Greens had itself merged with the East German Green Party after German reunification in 1990. Since January 2022, Ricarda Lang and Omid Nouripour have been co-leaders of the party. It currently holds 118 of the 736 seats in the Bundestag, having won 14.8% of votes cast in the 2021 German federal election, 2021 federal election, and its parliamentary group is the third largest of six. Its parliamentary co-leaders are Britta Haßelmann and Katharina Dröge. The Greens have been part of the federal government during two periods: first as a junior partner to the Social Democratic Party of Germany, Social Democrats (SPD) from 1998 to 2005, and again with the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Democratic Party Of Germany
The Social Democratic Party of Germany (german: Sozialdemokratische Partei Deutschlands, ; SPD, ) is a centre-left social democratic political party in Germany. It is one of the major parties of contemporary Germany. Saskia Esken has been the party's leader since the 2019 leadership election together with Lars Klingbeil, who joined her in December 2021. After Olaf Scholz was elected chancellor in 2021 the SPD became the leading party of the federal government, which the SPD formed with the Greens and the Free Democratic Party, after the 2021 federal election. The SPD is a member of 11 of the 16 German state governments and is a leading partner in seven of them. The SPD was established in 1863. It was one of the earliest Marxist-influenced parties in the world. From the 1890s through the early 20th century, the SPD was Europe's largest Marxist party, and the most popular political party in Germany. During the First World War, the party split between a pro-war mainstream ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2022 Russian Invasion Of Ukraine
On 24 February 2022, in a major escalation of the Russo-Ukrainian War, which began in 2014. The invasion has resulted in tens of thousands of deaths on both sides. It has caused Europe's largest refugee crisis since World War II. An estimated 8 million Ukrainians were displaced within their country by late May and 7.8 million fled the country by 8 November 2022, while Russia, within five weeks of the invasion, experienced its greatest emigration since the 1917 October Revolution. Following the 2014 Ukrainian Revolution, Russia annexed Crimea, and Russian-backed paramilitaries seized part of the Donbas region of south-eastern Ukraine, which consists of Luhansk and Donetsk oblasts, sparking a regional war. In March 2021, Russia began a large military build-up along its border with Ukraine, eventually amassing up to 190,000 troops and their equipment. Despite the build-up, denials of plans to invade or attack Ukraine were issued by various Russian gove ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
COVID-19 Pandemic In Germany
The COVID-19 pandemic in Germany has resulted in confirmed cases of COVID-19 and deaths. On 27 January 2020, the first case in Germany was confirmed near Munich, Bavaria. By mid February, the arising cluster of cases had been fully contained. On 25 and 26 February, multiple cases related to the Italian outbreak were detected in Baden-Württemberg. A carnival event on 15 February in Heinsberg, North Rhine-Westphalia, was attended by a man identified as positive on 25 February; in the outbreak which subsequently developed from infected participants, authorities were mostly no longer able to trace the likely chains of infections. On 9 March, the first two deaths in Germany were reported from Essen and Heinsberg. New clusters were introduced in other regions via Heinsberg as well as via people arriving from China, Iran and Italy, from where non-Germans could arrive by plane until 17–18 March. From 13 March, German states mandated school and kindergarten c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debt-to-GDP Ratio
In economics, the debt-to-GDP ratio is the ratio between a country's government debt (measured in units of currency) and its gross domestic product (GDP) (measured in units of currency per year). While it is a "ratio", it is technically measured in units of year, and can be interpreted as the number of years a country needs to pay off its entire debt, if all its GDP is devoted towards it. A low debt-to-GDP ratio indicates that an economy produces goods and services sufficient to pay back debts without incurring further debt. Geopolitical and economic considerations – including interest rates, war, recessions, and other variables – influence the borrowing practices of a nation and the choice to incur further debt. It should not be confused with a deficit-to-GDP ratio, which, for countries running budget deficits, measures a country's annual net fiscal loss in a given year ( total expenditures minus total revenue, or the net change in debt per annum) as a percentage share of tha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
