The German Cabinet has approved the key figures for the 2014 federal budget and the new financial plan for the period up to 2017.
Expenditure in the 2014 federal budget is lower than it was in 2010. Since 2010, Germany has successfully reduced its structural deficit from around €46 billion to zero. At €6.4 billion, new borrowing is at its lowest level in 40 years. Germany’s social security systems are soundly financed and hold large reserves.
German Finance Minister Dr Wolfgang Schäuble commented: "The German Government has set another important milestone for fiscal policy through the key 2014 budget figures approved today. At the start of the legislative period, no one would have predicted such a positive trend, which has culminated in a structurally balanced budget. Growth and consolidation are not mutually exclusive, they actually depend on each other. The confidence created by sound public finances is the basis for sustainable growth. Germany has drawn the right lessons from the European debt crisis. The Cabinet decision on the key figures is a strong sign that we're resolutely honouring our role as the EU’s anchor of stability. It sends out a positive signal to the European Council that begins on Thursday, which will focus on the issue of growth."
Full press release
© Bundesfinanzministerium
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