The German government recently agreed to an economic stimulus package worth an estimated €50 billion. The package includes investments in public infrastructure projects as well as tax relief, according to news reports. The government had previously passed a €23 billion plan, which many in Germany and across Europe thought was too small.
“All in all, it is a package that will help get us through the financial crisis and secure jobs,” said Christian Democrat parliamentary president Volker Kauder.
The package is expected to include tax cuts and breaks that will reduce the state health care contributions as well as see bonuses for each child. There will also be a program that will pay owners €2,500 for each car that is older than nine years when they buy a new one. One of the main parts of the package is support for businesses and firms that are struggling to get credit. It is hoped that these measures will help to keep the German economy on solid footing.
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