Banca March : Germany opts to tighten its belt. The German country has managed to agree on significant budget cuts of €17 billion in the wake of the funding gap, as the transfer of unused pandemic funds for climate purposes has been declared illegal. Thus, adjustments will be made in construction subsidies, transport spending, as well as in green energy and industry support. Climate funds will reduce spending by €12 billion next year, among other cuts. The government estimates that the budget deficit will fall by 2024 to levels of 1.5 per cent.
Germany tightens belt with budget cuts of €17 billion
