Low government debt is an objective embedded into German society.
In 2009, for example, a constitutional ‘debt brake’ was introduced. This
rule on federal indebtedness caps net borrowing for the government from 2016
and for the federal states from 2020. Of course, it remains to be seen whether
this commendable approach will withstand the real-life tests provided by a
recession or economic crisis.
However, the fact that sustainable fiscal policy is
written into the constitution underlines how important it is to German politicians
and voters alike.