Plans to "save" Germany - The main parties present their proposals to stimulate the economy
Germany's main political parties presented their competing plans to get Europe's biggest economy out of the mess as campaigning began for snap elections on February 23.
The election, triggered by the collapse of Social Democrat Chancellor Olaf Scholz's three-party coalition last month and subsequent loss of parliamentary confidence, comes at a testing time for Germany. Its economy is set to contract for the second year in a row, industrial giants such as Volkswagen face an existential threat from foreign rivals and political attitudes are hardening against immigrants.
Friedrich Merz, the leader of the conservatives expected to win the election, said they were ready to govern Germany again after three years in opposition. "The chancellor asked for a vote of confidence yesterday and lost. He lost the confidence of the majority of the population a long time ago. He also lost the confidence of investors who have left Germany for several years," said Merz.
His Christian Democratic Union (CDU) party wants to cut income and corporate taxes and reduce electricity prices to boost the economy. His opponents say Merz's policies are not calculated in detail, although the CDU believes he can finance them through faster economic growth and cuts in some welfare payments. Merz has so far said he plans to stick to a constitutional limit on government spending. The tool was introduced after the 2009 financial crisis, but critics say it stifles growth by limiting borrowing and investment.
Scholz's Social Democrats (SPD) and their coalition ally the Greens want to reform the debt curb. Economy Minister Robert Habeck from the Greens accused Merz of failing to face the reality in which Germany finds itself. "We have to fix our infrastructure," Habeck said at the launch of his party's manifesto, estimating that overhauling the country's infrastructure would cost hundreds of billions of euros over the next decade.
In addition to the economy, other issues that will dominate the election campaign include immigration and the war in Ukraine. Germany under Scholz has increased defense spending and has become Ukraine's second largest military backer after the United States. However, Merz would like to go further by equipping Kiev with Taurus missiles, a step that Scholz fears could draw Berlin into direct confrontation with Russia.
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