Die neuen grundgesetzlichen Regeln zur Staatsverschuldung

Abstract The article analyzes the new exceptions to the previous debt rule (Articles 109, 115 and 143h of the German Basic Law) with regard to two normative principles. From a public finance perspective, the principle of sustainability in the sense of debt sustainability is intended to ensure the long-term stability of government finances. In terms of welfare economics, intergenerational justice requires that newly issued debt does not impact negatively on the wealth of future generations. We examine the defense exception, the special fund for infrastructure and climate neutrality and the additional leeway for the federal states with regard to their justification and design based on these standards. Possible multiplier effects and inflationary effects are briefly discussed.