• Wed. Dec 6th, 2023

German Court Ruling Sends Economic Shockwaves, Says Minister


Nov 21, 2023

German Chancellor Olaf Scholz and Transport Minister Volker Wissing attended the third national aviation conference at Lufthansa Technik in Hamburg, Germany, on September 25, 2023. REUTERS/Fabian Bimmer/File Photo

BERLIN, Nov 21 (Reuters) – Economy Minister Robert Habeck has expressed concern that the transfer of funds back from Germany’s Climate Transformation fund following a top court ruling has caused a chain reaction. The now-cancelled 60-billion-euro in funds leveraged far more capital than previously anticipated. Habeck emphasized the significance of these funds, stating that they are not an add-on that can be carelessly discarded. He expressed concern that the loss to the economy if investments were not made now would be even greater.

Habeck made these remarks at a news conference in the city of Jena, where he also mentioned that the government was now urgently preparing and discussing how to set up its budget in light of the court ruling and the missing funds. Transport Minister Volker Wissing also commented on the ruling, emphasizing the need to re-evaluate and check budget prioritization in light of its consequences on government funds. Wissing stated that this reassessment must take place immediately, and he could not anticipate the exact result at this time.

Reporting by Riham Alkousaa

Editing by Miranda Murray

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