Just like its european neighbours, Germany is not immune to the economic crisis caused by the sars coronavirus. Chancellor Angela Merkel announced late on Wednesday a stimulus package of 130 billion euros for the years 2020 and 2021, aiming to boost the national economy.
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“The size of the stimulus package will be of 130 billion euros for the years 2020-2021, of which 120 billion will be spent for the federal government,” said Angela Merkel at a press conference at the end of two days of the meeting between conservatives and social-democrats, the government coalition partners. “So we have an economic recovery plan, a plan for the future and, of course, in addition to this, we now attend to our responsibility for Europe and the international dimension”, is welcomed. Even if Germany has, until now, been less affected than its neighbours by the pandemic on the human level, with approximately 8500 dead, its economy, heavily dependent on exports has been greatly shaken.
using the auto industry as discussed
Among the measures announced are in addition to the temporary reduction of the VAT and transfers of debts of municipalities to the federal government, an allowance of 300 euros per child for families or even new aid for firms in difficulty. The most discussed was the implementation of a premium to the purchase to support the auto sector, virtually shut down for several months.
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The social democrats (SPD), who opposed any grant of polluting cars, seem here to have won the battle: in the end, the members of the “grand coalition” voted against a bonus with the purchase of cars petrol or diesel with low emissions. On the other hand, the bonus with the purchase of an electric vehicle will be doubled, from 3,000 to 6,000 euros.
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This recovery plan adds to the huge body of more than 1,000 billion euros put in place in march, at the height of the pandemic, providing aid to businesses and billions of euros of loans guaranteed. While Germany saw its unemployment rate continue to climb in may, to 6.3%, pushing the companies to seek partial unemployment to more than 11 million workers since march, the government wanted to bring in new support to firms in difficulty.
Angela Merkel justified this aid to support the millions of workers currently unemployed in part: “this shows how the whole (of the economy) is fragile, and that it is necessary to succeed in stimulating the economy so that jobs are guaranteed”.
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