Germany’s parliament has approved Friedrich Merz’s plans to inject up to €1tn into the country’s military and infrastructure, in a move that could revive Europe’s largest economy and boost the EU’s rearmament efforts.
In an emergency session of the outgoing Bundestag on Tuesday, the chancellor-in-waiting won the support of 513 lawmakers, more than the two-thirds majority required for the constitutional changes.
Merz’s push to loosen Germany’s strict borrowing limit and end decades of fiscal orthodoxy and under-investment in infrastructure, will also need to be backed by the country’s upper house in a vote on Friday.
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