Merkel's conservatives to stick to 'black zero' policy of no new debt

German Chancellor Angela Merkel's centre-right party wants to stick to its ...

BERLIN - German Chancellor Angela Merkel’s centre-right party wants to stick to its ‘black zero’ budget policy of no new debt, despite growing pressure at home and from abroad to ditch the fiscal maxim, a party document showed on Monday.

“We therefore endorse the Maastricht treaty, the EU Stability and Growth Pact, the constitutionally enshrined debt brake and the ‘black zero’ policy ,” the document said. But with the economy slowing and tax revenues waning, the fiscal room to counter a recession is getting smaller. At the same time, Germany’s borrowing costs have turned into premiums which means investors are actually willing to pay the German state a bonus for being able to lend it billions of euros.

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