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A little stimulus
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The small size of the German stimulus plan, $12 billion of new spending over 2 years, 0.25% of GDP, even though German budget was close to balance in 2007 and may be in surplus this year. The reservations about spending arise from the feeling in Germany that spending packages in the 1970's produced little stimulus and aded new debt. When people see the new debts and taxes headed up people tend to save more and spend even less says Scheide of the Kiel Institute of the World Economy. And the coalition of CDU and SPD had set 2011 as year to balance the budget, so the prevailing wisdom is that spending packages do not work and the term economic package is unpopular in Germany. So finance minister Peer Steinbruck says the small stimulus package is not of the old style. But as the economy deteriorates and exports slump, aid may be provided to small and midsized companies, and investments in transport and early education, subsidies for energy conservation and help to the car industry.
How Ms. Merkel is defining German goals and programs during the global economic and financial crisis of 2008-2009.
09/09/2008
Merkel has quietly established her own approach and style of governing, less on rhetoric, and more on substance and social market principles that are popular in Germany. Her popularity goes far beyond that of the CDU, and she has defined new positions for the CDU, from aiding workers, promoting daycare, fighting for environmental goals, and bringing a new perspective on immigration. The result is a distinctly German approach to the crisis based on German conditions and preferences.
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How Germany is coping with the economic crisis of 2008-2009.
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The manner in which Germany is responding to the crisis.
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Germany Propels Growth in Euro Zone
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Europe Races to Shore Up Banks as Crisis Spreads
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German Exporters Feel the Financial Squeeze
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German Banks Now Face Big Losses From Their Misadventures in Iceland
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Despite Crisis, Germany Sees Russia as Land of Opportunity
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