The German government is to press other eurozone countries to adopt their own versions of Berlin’s balanced budget law as part of an ambitious plan to bolster fiscal discipline.
Germany last year enshrined in its constitution a law that prohibits the federal government from running a deficit of more than 0.35 per cent of gross domestic product by 2016. German states will not be allowed to run any deficit after 2020.
Applied across the eurozone, it would imply much tighter fiscal discipline than the bloc’s existing rules requiring deficits of less than 3 per cent of GDP.
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