The session of the German Bundestag on February 27, 2022 will probably go down in the history books.
With great clarity and supported by a very large majority of MPs, Chancellor Olaf Scholz has redefined the coordinates of German politics.
The consequences will be significant.
You are not alone, but also of an economic nature.
Germany's participation in the West's sanctions policy is correct, even if the sanctions are not only felt in Russia.
They cannot be calculated exactly, but at least temporary uncertainties on the financial markets, increases in the price of raw materials and impairments to economic growth are very possible in Germany as well.
A war is a special case
Ambitions in energy and defense policy reach far into the future.
It is remarkable how quickly the war in the east has increased Germany's willingness to host two LNG terminals.
In general, all attempts to reduce dependence on Russian gas are to be welcomed.
This will not happen quickly, it will cost a lot of money and require an unbiased examination of other energy sources.
This task cannot be accomplished with a rapid expansion of renewable energies alone, if this succeeds at all.
Scholz surprised with the announcement that he would mobilize an additional 100 billion euros for the Bundeswehr.
This too is a correct and important signal, but the Bundeswehr's malaise can be explained just as much by the inefficient use of available funds as by a lack of money.
And yes: an urgently needed strengthening of the country's external security must not fail due to lack of funding.
But it must not happen that every further request for expenditure is then also credit-financed by special funds.
A war is a special case.
In addition, one cannot only spend money: As part of medium-term financial planning, a later consolidation of additional debts would have to be firmly agreed.