According to Wieland, German government spending still accounts for almost half of economic output. He called for more of this to be spent on investments. Budget discipline is important for Germany. “One result is that interest costs are lower for Germany.” Households and companies also benefit from this, as interest rates on government bonds act as an important benchmark for other lending rates.
Germany also acts as an anchor of stability within the monetary union. “The stability of the currency requires the stability of the monetary union's public finances.”
According to Wieland, it is time to end the expansionary fiscal policy and consolidate debt. “The next recession or crisis is bound to come. Then we will need the leeway to allow debts to rise again temporarily.” He also warned of an increase in interest expenses. Bonds issued during the period of low interest rates would increasingly fall due. Governments would then have to refinance themselves at significantly higher interest rates. In five to six years, interest expenses in highly indebted countries could once again account for as high a proportion of gross domestic product as before the euro debt crisis from 2010 to 2012. Against this backdrop, Wieland spoke out against relaxing the stability rules in the euro area. “The rules should not have been relaxed. But at least they should be implemented as strictly as possible in the coming years,” said Wieland.
Passauer Neue Presse: "Etatdisziplin ist besser für das Land"
Rhein-Neckar-Zeitung: "Es ist besser für Deutschland, weniger Schulden zu machen"