« German Minister of Finance Christian Lindner presented the German government’s 2024 budget to the parliament, calling for a debt brake and austerity measures amid rising borrowing costs.
« Today it is a matter of returning to the debt brake or, more precisely, to public finances that are sustainable in the long term, » he started.
Lindner also warned that failing to find an exit from the crisis policy could ‘endanger the long-term stability’ of the community.
« It is clear that this state must react decisively to crises and it must also mobilize its fiscal possibilities if necessary, » he added.
Lindner has proposed a draft budget of €445 billion ($480 billion) for next year, which is around €30 billion less than the budget for 2023, obliging all departments to reduce their spending, except the defence ministry.
Amid the rising borrowing costs, the German government is paying 37 billion euros in interest payments, twice as high as the budget for education and research ministries, according to the minister.
« I’m convinced the 2024 budget is a budget with money and brains, a budget with courage instead of carelessness, a budget with less debt and more opportunities, a smart budget for change. All of these decisions took a lot of persuasion, but I’m sure they will work, » he concluded. »