Germany Gets Honest About What Net Zero Will Cost
null By Joseph C. SternbergNov. 30, 2023 6:02 pm ETJournal Editorial Report: The week’s best and worst from Kim Strassel, Allysia Finley and Dan Henninger. Images: AP/Zuma Press Composite: Mark KellyIf you had “net zero causing Germany’s government to collapse” on your 2023 bingo card, congratulations—you may end up a winner. Chancellor Olaf Scholz’s administration is falling apart because it turns out someone will have to pay for decarbonizing the eurozone’s largest economy.This shocking and horrifying revelation is brought to you by Germany’s highest constitutional court, which ruled in mid-November that Berlin’s favorite budget gimmick violates the balanced-budget amendment. The amendment, known as the debt brake, limits the federal general-budget deficit to 0.35% of gross domestic product in any year unless Parliament declares an emergency.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8About this articlePolitical Economics“Political
Nov. 30, 2023 6:02 pm ET
If you had “net zero causing Germany’s government to collapse” on your 2023 bingo card, congratulations—you may end up a winner. Chancellor Olaf Scholz’s administration is falling apart because it turns out someone will have to pay for decarbonizing the eurozone’s largest economy.
This shocking and horrifying revelation is brought to you by Germany’s highest constitutional court, which ruled in mid-November that Berlin’s favorite budget gimmick violates the balanced-budget amendment. The amendment, known as the debt brake, limits the federal general-budget deficit to 0.35% of gross domestic product in any year unless Parliament declares an emergency.
Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
About this article
Joseph C. Sternberg is a member of the Journal's editorial board and the Political Economics columnist. He joined the Journal in 2006 as an editorial writer in Hong Kong, where he also edited the Business Asia column. He is author of "The Theft of a Decade: How the Baby Boomers Stole the Millennials' Economic Future," examining the consequences of the Great Recession.
Previously he worked as a journalist in Washington, D.C. Raised in Vermont, Mr. Sternberg is a graduate of The College of William and Mary in Williamsburg, Va
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