With Black Zero One brings above all one person in connection: former Finance Minister Wolfgang Schäuble (CDU). He managed to run federal budget for over four years without any debt. This goal also has a new grand coalition – so it can govern. The Bundesbank advocates this, but at same time warns of possible late consequences.
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It is to be welcomed that a balanced budget will continue to be pursued and that solid public finances will continue to receive a high weight, according to Bundesbank’s monthly report. However, renunciation of net borrowing is not unproblematic: a strict austerity programme could temporarily finance budget-incriminating projects with cyclical surpluses and reserves. “Thus, re can be a pro-cyclical and post-degradation of fiscal-erratic budgetary policy,” Bundesbank economists warn.
Ver. di chief Frank Bsirske had recently asked future federal government to abandon policy of strict budgetary discipline. In his view, it is urgently necessary to eliminate investment congestion in education sector, housing or infrastructure. Even head of German Trade Union Confederation (DGB), Reiner Hoffmann, had said that a new grand coalition would not fail to abandon black zero.
Positive development
Overall, economic situation in Germany continues to remain good. The Bundesbank reckons 2018 with an economic boom. “The German economy is in a booming phase,” says Federal Reserve’s monthly report. From point of view of central bank, filled order books of industry and good mood in entire economy speak in favour of high expansion rate of 2017 after change of year.
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According to Federal Statistical office, German economy grew by 2.2 percent last year. It was strongest plus since 2011. Thanks to economic boom and low unemployment, German state again took more money than it spent. At 38.4 billion euros, surplus was summed up by federal government, Länder, municipalities and social funds.
