New German Finance Minister Takes a Conservative Approach to Budgeting
In a recent interview with German weekly newspaper Die Zeit, new Social Democratic Finance Minister Lars Klingbeil revealed a conservative approach to budgeting. He stated that he deposits his savings “primarily at my bank, in the Lüneburger Heide region”.
Klingbeil, who has been in office for two weeks, lacks significant financial experience, having previously focused on foreign policy. To prepare for his new role, he is currently reading through numerous files and consulting with experts from the business and scientific communities. Notable economists he has expressed admiration for include Düsseldorf professor Jens Südekum and Saarland Finance Minister Jakob von Weizsäcker.
Klingbeil has identified his top priority as ensuring that funds from the special infrastructure budget are quickly dispersed. “People need to feel that Germany is functioning better again” he said, “and this will also help in the fight against populists.” In conversations with European finance ministers, Klingbeil has received positive feedback, with many expressing gratitude that Germany is a driving force behind reforms and investments.