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‘Germany needs more economic dynamism’ – Govt promises innovation investment as Bundestag debates Future Financing Act

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« Justice Minister Marco Buschmann described the German government’s ‘Future Financing Act’ as a way to boost the country’s ‘economic dynamism’, as the Bundestag debated the legislation in Berlin on Thursday.
« Germany needs more economic dynamism, » he told MPs. « A source of economic dynamism is innovation. … They (entrepreneurs) need capital so that innovation and capital can find each other more quickly and more easily in Germany. »
Florian Toncar, Parliamentary State Secretary in the Federal Ministry of Finance, added that start-up businesses needed both ‘talent and financing’.
« The most important instrument for our start-ups is the employee capital initiative. [It] is an alternative for start-ups to pay employees in the start-up stage, » he said.
Meanwhile, Katharina Beck from the Alliance 90/Greens, one of Buschmann’s coalition allies, called it a ‘really great law’.
« This is really about strengthening the future, » she continued. « Overall it’s about transparency for consumers, it’s about digitalisation and in the end, we are finally taking Germany’s financial centre where it belongs and making it capable and even stronger in the future. »
However, Janine Wissler, co-chair of The Left, called on the government to ‘increase the minimum wage and abolish the meaningless fixed-term contracts’ before focusing on ‘wealth creation’.
« Five percent of Germans have more assets than the poorer half of the population in this country, over 40 percent of the people in this country have no savings at all, » she claimed. « If you want to finance the future you have to use the public […spending to…] strengthen investments and ensure that people really have a secure future. »
Johannes Steiniger from the opposition CDU also quoted a study that claimed ‘converting our economy into a climate-neutral economy will cost a total of six million euros’.
« That’s six times the total tax revenue of all federal states next year. You just have to shake your head when they say that the state can do everything. Anyone who believes that the state can do this is a bit naive, » he added.
The draft bill was first published in April, aimed at strengthening the market and increasing the country’s attraction as a financial centre. Earlier this month, Chancellor Olaf Scholz also promised a wide-ranging ‘Germany Pact’ to reduce bureaucracy and modernise the economy. »

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