MNI: US Consumers See Lower Inflation, Better Jobs - NY Fed

MNI BRIEF: Risks To Growth Evident, Await Dec Forecasts -Rehn

MNI China Daily Summary: Tuesday, November 12

MNI BRIEF: Prolonged Tightening If Expectations Worsen - BCB

MNI: PBOC Net Injects CNY107.2 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1927 Tues; +1.32% Y/Y

EZ/UK Bond Supply Calendar: IT, UK, DE, PO Auction Wednesday

MNI: US REDBOOK: NOV STORE SALES +4.8% V YR AGO MO

MNI: CANADIAN SEP BUILDING PERMITS +11.5% MOM

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

GERMANY: Fin Min-Not Realistic To Pass 2025 Budget Before Election

GERMANY
Homepagemarkets-real-timeCommoditiesPolitical Risk BulletCEEMEAEurozoneGermanyPower BulletsGlobalEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsRegion

Delivering his first speech since taking office on 7 Nov, Finance Minister Joerg Kukies speaks at the SZ Economic Summit on Germany's fiscal and economic situation. Says "As of today, the German economy does not have to fear a standstill. There will be no budget freeze. We are fully capable of taking action." Kukies: "A budget for 2025 is no longer realistic [before the election]. But provisional budget management is nothing unusual, something like this has been done many times in practice." 

  • Kukies: "Germany can still pay and will pay all its obligations." Says Germany "has structural problems such as too much regulation and bureaucracy." Kukies: "German growth potential has fallen and we cannot be satisfied with our growth perspectives."
  • Says that he does not expect the budget situation to hurt economic growth. Germany's "Structural growth deficit is an issue that every federal government must address, regardless of its composition."
  • Kukies, the Secretary of State of the Chancellery from 2021 to 2024, took over from liberal pro-business Free Democratic Party (FDP) leader Christian Lindner following his dismissal last week.
  • In a separate event at the summit, Lindner says that conservative Christian Democratic Union (CDU) leader Friedrich Merz will "almost certainly" be the next chancellor. Lindner: "The CDU is a political chameleon, it always takes on the colour of its coalition partner." Says the aim of his party is to stop a CDU-SPD or CDU-Green coalition. Wants 10% of the vote (polling 3-5% presently).
241 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Delivering his first speech since taking office on 7 Nov, Finance Minister Joerg Kukies speaks at the SZ Economic Summit on Germany's fiscal and economic situation. Says "As of today, the German economy does not have to fear a standstill. There will be no budget freeze. We are fully capable of taking action." Kukies: "A budget for 2025 is no longer realistic [before the election]. But provisional budget management is nothing unusual, something like this has been done many times in practice." 

  • Kukies: "Germany can still pay and will pay all its obligations." Says Germany "has structural problems such as too much regulation and bureaucracy." Kukies: "German growth potential has fallen and we cannot be satisfied with our growth perspectives."
  • Says that he does not expect the budget situation to hurt economic growth. Germany's "Structural growth deficit is an issue that every federal government must address, regardless of its composition."
  • Kukies, the Secretary of State of the Chancellery from 2021 to 2024, took over from liberal pro-business Free Democratic Party (FDP) leader Christian Lindner following his dismissal last week.
  • In a separate event at the summit, Lindner says that conservative Christian Democratic Union (CDU) leader Friedrich Merz will "almost certainly" be the next chancellor. Lindner: "The CDU is a political chameleon, it always takes on the colour of its coalition partner." Says the aim of his party is to stop a CDU-SPD or CDU-Green coalition. Wants 10% of the vote (polling 3-5% presently).