Finance Minister Jörg Kukies of the SPD is pushing for rapid discussions on a constitutional amendment for new debt. The time available before the new Bundestag is constituted is “remarkably short for a complex proposal” Kukies told the Stern, “so the factions of the German Bundestag must quickly start the necessary conversations.”
In principle, there is no objection to a gold standard process. “From a purely legal perspective, an amendment to the constitution is possible to implement the discussed financial proposals, such as the reform of the debt brake or the establishment of a new special fund. The current Bundestag is fully competent until the constitution of the new Bundestag and it possesses all the rights” Kukies said. “This also includes the amendment of the constitution.”
The debate on new debt has gained momentum since CDU leader Friedrich Merz articulated the idea of amending the constitution with the old majority in the Bundestag to take on more credits for defense spending. He needs a two-thirds majority for this.
Because a reform in the next Bundestag could be blocked by the AfD and the Left, consideration is being given to an amendment with the old Bundestag. The SPD and the Greens are open to the idea, but demand concrete proposals from Merz.
The CDU leader’s maneuver is seen as politically sensitive, as he had previously denied any intention to reform the debt brake and establish new special funds during the entire election campaign. If the next government wants to react to the security policy challenges with higher investments in the Bundeswehr, the financial leeway for other tasks could quickly shrink.