Germany’s parliament has approved a massive fiscal package, with the country’s president, Frank-Walter Steinmeier, signing the bill into law on Saturday. The package, which will increase the country’s debt, has been criticized for its potential to drive up prices for consumers and increase the national debt.
The package, worth billions of euros, will be used to fund defense and infrastructure projects and will allow the government to borrow more money in the future. The country’s debt is expected to rise from 63% of its GDP to around 85% by 2037.
The package has been criticized by some, including the German Institute for Economic Affairs, which warns that the increased borrowing could lead to higher inflation and a decrease in the value of the euro.
The package has been approved by the Bundestag and the Bundesrat and will now be published in the Federal Gazette, a requirement for the law to take effect.
The package has been criticized by some, who argue that it will lead to a decrease in the value of the euro and increase the cost of living for consumers. Others, such as the head of the German Association of Cities, have argued that the package will not be used effectively and that the money will not be distributed quickly enough to the cities and states that need it.
The package is expected to have a significant impact on the country’s economy and will be closely watched by economists and policymakers in the coming years.