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Investing.com -- Germany’s cabinet has approved the country’s medium-term fiscal plan that will be submitted to the European Commission, according to a finance ministry spokesperson on Wednesday.
The approval comes after the German cabinet endorsed a draft budget for 2025 and a budget framework for 2026 at the end of June, which enabled the finalization of the mid-term fiscal plan required by Brussels.
EU member states are required to submit annual progress reports on the implementation of their national medium-term fiscal-structural plans to comply with European fiscal rules.
Germany had been unable to complete this submission earlier because details of the 2025 and 2026 budgets had not been finalized. The country has been operating under a provisional budget since the beginning of 2024, after former chancellor Olaf Scholz’s coalition government collapsed in November, leaving insufficient time to pass the 2025 budget.
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