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FX.co ★ Germany spends more money than other EU countries to ease virus consequences

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Forex-Humor:::2020-07-17T13:45:34

Germany spends more money than other EU countries to ease virus consequences

The governments of many countries are taking unprecedented steps to revive economic growth. Even such conservative countries as Germany are ready to switch to completely new measures if they help the economy get back on track. Reportedly, Germany has spent more money than other EU member states to mitigate the damage of the coronavirus outbreak.

The central bank has always been strict and unshakeable in terms of fiscal budget, being vigilant about the limits of budget surpluses and public debt. For this reason, many analysts were confident that the German authorities would refuse to spend more money even in times of crisis. Nevertheless, they were quite surprised after finding out that Germany had spent much more money to support the economy than other European and foreign countries. According to estimates, the country allocated €450 billion of aid and guarantees (13.3% of GDP compared to 4.4% of France’s fiscal aid program). Notably, to some extent, the German government even violated its own Constitution, which prohibits taking actions that may lead to a sharp increase in the national debt.

Investors welcomed this news. Such bold actions of the government indicate its readiness to help the economy and local companies. By early July, Germany's main stock index, the DAX, gained 48% from its March level.


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