Germany’s debt brake and the art of fantasy budgeting

That may be pushing it. But in the run-up to the talks, estimates had circulated of a fiscal gap of over €40bn ($43bn, about 1% of GDP) for the year. Closing it came close to blowing up the government. But in the end money was found for various pet projects and even some tax breaks. If the budget is not as austere as some had feared, that is in part because Christian Lindner, the finance minister, belied his reputation as Germany’s fiscal hawk-in-chief with a quiet flexibility in negotiation.