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Government Blocks Spending From Both Climate And Stabilization Funds

GERMANY

After the German constitutional court ruled against the shift of E60bln into an off-balance sheet climate fund (Climate and Transformation Fund, KTF) last week, the first tangible consequences for German fiscal spending became clearer today.

  • Both the Climate and Transformation fund as well as a second fund, the Economic Stabilization Fund (WSF) got blocked from further spending by the German government, Handelsblatt reports. Finance ministry state secretary Werner Gatzer stated in a letter to other ministries that credit authorizations for the WSF can “no longer be used in 2023 according to the current legal situation”, as was confirmed by Reuters. Exceptions require the approval of the finance ministry.
  • Further, Handelsblatt sources reported that the government is considering suspending the debt brake in 2023 and to reinstate it in 2024. This would open up the possibility of further deficit spending beyond the limit of 0.35% of GDP in 2023, which could increase the amount of reserves available in the two funds for spending in 2024 and beyond.
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