German Court Ruling Threatens Economic Chain Reaction, Warns Minister

German Chancellor Olaf Scholz and Transport Minister Volker Wissing recently attended the third national aviation conference at Lufthansa Technik in Hamburg, Germany. This event took place on September 25, 2023, and was captured in a photo by REUTERS/Fabian Bimmer.

In a related story, Economy Minister Robert Habeck discussed the impact of a top court ruling on Germany’s Climate Transformation fund. He highlighted the chain reaction caused by transferring back money from this fund, which resulted in the now-cancelled 60-billion-euro in funds leverage far more capital. Habeck emphasized the importance of these funds and their significance in making investments for the economy. The government is now working on setting up its budget in light of the ruling and the missing funds.

Transport Minister Volker Wissing also commented on the ruling, stating that it will have consequences on government funds, which in turn will require a re-evaluation and check on budget prioritization. Both Habeck and Wissing emphasized the urgency and uncertainty surrounding the situation. The government is preparing and discussing at high speed to address the implications of the ruling.

The news was reported by Riham Alkousaa and edited by Miranda Murray. The content is subject to our standards, the Thomson Reuters Trust Principles. If you wish to acquire licensing rights for this content, you may do so by opening a new tab.