Germany ready to take on new debt to counter possible recession - Spiegel

Eren Sengezer FXStreet

According to Der Spiegel magazine, the German government stands ready to discard its balanced budget rule and take on new debt in case the economy goes into a recession, per Reuters. The Finance Ministry declined to comment on this article.

Earlier this week, the preliminary report published by Germany's Destatis showed that the economy was expected to contract by 0.1% on a quarterly basis in the second quarter.

With the initial market reaction, the shared currency gathered strength and erased its daily losses against the dollar. As of writing, the EUR/USD pair was virtually unchanged on the day at 1.1105.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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