Good morning dear readers,
A promise is a promise and has not been broken. Since Friday it has been on the table, the paper from the explorers of the SPD, Greens and FDP, which is longingly awaited after the prescribed and even observed confidentiality. Regardless of whether you call it a result paper, a basic paper or an exploratory paper: It lists ten points on twelve pages that the traffic light parties have agreed on.
Point 9 stands out because there are various stimulus words there. So you officially commit yourself to Debt brake, but basically softens them in the same sentence. After all, all of the election promises want to be kept and thus financed. It sounds like this: “We will take the necessary steps within the framework of the constitutional debt brake Future investments ensure, especially in Climate protection, digitization, education and research as well as the infrastructure. ”By contrast, the trio“steer such as not increasing income tax, corporate tax or VAT. ”
The first hurdle to a new government has been cleared. But by no means the last. So far – paper or not – has only been explored or, to put it simply, pre-negotiated. You sniffed each other, got to know each other better later on, sounded out whether it fits – and yes, according to the unanimous tenor on Friday, it fits. Basically.
Now the coalition talks should start as soon as possible. From then on it’s about tough politics, and also about offices. When asked whether ministerial posts had already been discussed, FDP leader Christian Lindner replied with one word: “No”.
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And the question of all questions is still open: Will Angela Merkel break the record and catch up with Helmut Kohl with his 5869 days as Chancellor? To do that, she would have to remain in office until December 17th. The countdown is running.
What else has been on our minds this week:
1. The traffic light coalition, if it comes into being, has a problem: the coffers are empty, the debt of 2.17 trillion euros is higher than ever. One does not want to increase taxes and duties, it is now written in black and white on the paper. So all that remains is higher debts. Lively discussions have long been going on about how the debt brake anchored in the constitution can most elegantly be bypassed. And they will certainly be intensified in the coming weeks.
In the middle of this debate, Gita Gopinath places her plea for more flexibility in getting into debt in Europe. In the interview, the chief economist of the International Monetary Fund has a clear opinion. “Because of the pandemic, countries have accumulated large debts. Forcing the governments to reduce this debt very quickly in order to comply with the old rules would be counterproductive. “
2. Keyword taxes: The Ifo Institute took a closer look at how the tax burden in Germany has developed over the past 35 years. The results of the study should surprise many. The average burden on earned income through income tax and the solidarity surcharge has decreased significantly over the period. Politically explosive: Even high earners pay less taxes and duties than before.
3. According to research by our auto experts, there was a scandal in the Volkswagen supervisory board. At the meeting at the end of September, VW CEO Herbert Diess presented the inspectors with scenarios according to which up to 30,000 jobs could be lost in German production. Above all, he sees Tesla as a threat to Wolfsburg. According to insiders, the supervisory board reacted indignantly. Diess’ mind games split the group.
4th Speaking of Tesla: In the long term, two-thirds of the batteries in Elon Musk’s electric cars are to be based on iron in order to save the scarce raw material nickel. We analyze how good the iron phosphate battery is in our Insight Innovation series.
Only 60 kilometers away from Tesla’s plant in Brandenburg, construction work for another giant project is due to begin in the spring: the largest lithium factory in Europe. The German-Canadian company Rock Tech plans to process around 24,000 tons of the white raw material per year from 2024 – enough for 500,000 electric cars.
5. The dispute over the real estate company Adler Group continues. After the frontal attack by the British shortseller Fraser Perring, the controversial Austrian entrepreneur Cevdet Caner made detailed comments for the first time on the criticism against himself. He was not the “Bond villain” that Perring wanted to see in him, but rather the victim of a conspiracy of several short sellers, Caner said in an interview.
6th It’s not a record to be happy about: According to a study, the danger of a real estate bubble is greatest in Frankfurt – not only within Germany, but worldwide. As the major Swiss bank UBS has found out, the market for apartments in the Hessian city is more overheated than in any other metropolitan region. Not in Toronto, not in Hong Kong, not in Munich.
High prices and little space in the city are reasons why more and more Germans are turning to the countryside when looking for their own apartment or house. In a new series, our real estate editors show what price differences there are and what to look out for when buying. To start with, we took a look at the region around Hamburg.
7th A good three months after the submission of weak test results for its corona vaccine, the biotech company Curevac has made an expensive U-turn. The Tübingen-based company announced that it would withdraw its mRNA-based vaccine candidate “CVnCoV” from the approval process at the European Medicines Agency. As a result of this news, the Curevac share fell by around 15 percent to 32 euros. Curevac now wants to focus on an improved successor product and the alliance with the British pharmaceutical company Glaxo-Smithkline.
8th. Clogged ports, high transport costs, shortage of goods: The chaos in logistics and supply chains is now also affecting German retailers. According to a survey, 74 percent complained about procurement problems in September. The fear of gaps on the shelves grows, especially as Christmas approaches. Aldi Nord also has to postpone sales dates. This is not just about any promotional item, but of all things about the first own fashion collection with the Aldi emblem.
9. And finally, politics again: In view of the upcoming coalition talks between the SPD, the Greens and the FDP, Germany has the chance of a necessary, long-unthinkable departure – and the reinvention of liberalism. In our weekend title, my Berlin colleagues describe how the FDP and the Greens are working on the socio-ecological market economy.
In this context, FDP boss Lindner speaks in an interview about the tasks of his party and the importance of a liberal constitutional state. And at the end, with a view to the approaching government bank, stated: “We are all approaching the great tasks that lie ahead of our country with humility. [..] Many trials and controversies await. Nobody should be too light-footed. ”This closes the circle.
I wish you a relaxing weekend,
sincerely
Her
Kirsten Ludowig
Deputy Editor-in-Chief Handelsblatt
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