The German economy is recovering from the coronavirus shock and will reach its pre-crisis size at the beginning of 2022 at the latest, Finance Minister Olaf Scholz told Reuters on Monday but he added more debt was needed to sustain the achieved progress.
German Finance Minister Olaf Scholz attends a Reuters interview in his ministry in Berlin, Germany, September 7, 2020. REUTERS/Hannibal Hanschke
Scholz said he was therefore planning to take on new debt to a large extent also next year to sustain the recovery. The step will require another suspension of Germany’s constitutionally enshrined debt limits after Berlin already abandoned them this year, though Scholz is determined to stick to the fiscal rules from 2022 onwards.
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