Independent Strategy

Germany getting its act together?

Germany’s SPD-Green-FDP coalition has announced a new support package for beleaguered households and SMEs struggling with surging energy prices.

The headline total is equivalent to 1.8% of GDP. But a lot of the detail is missing and the timing vague. Some of it is contingent on forthcoming discussions with German states and some on related EU-level negotiations.

At the margin it should help to mitigate recessionary pressures. For now, though, we remain neutral on the euro and out of EU financial assets.

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