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Auswirkungen des Verfassungsgerichtsurteils auf die öffentlichen Investitionen

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  • Hack Lukas
  • Janeba Eckhard

Abstract

What impact did the Federal Constitutional Court’s 2023 ruling on the 2021 supplementary budget, and thus on the application of the debt brake, have on public investment in Germany? This article shows that the ruling had only a moderate negative impact on the federal budget, where planned investments fell by €1.2 billion. However, the consequences for the Climate and Transformation Fund were significantly more pronounced. Even more importantly, proportionally higher savings were made on investments than on consumptive government spending. This means that the alleged “spending prioritisation of future investments” did not occur.

Suggested Citation

  • Hack Lukas & Janeba Eckhard, 2025. "Auswirkungen des Verfassungsgerichtsurteils auf die öffentlichen Investitionen," Wirtschaftsdienst, Sciendo, vol. 105(5), pages 349-353.
    • Handle: RePEc:vrs:wirtsc:v:105:y:2025:i:5:p:349-353:n:1012
    DOI: 10.2478/wd-2025-0090
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    References listed on IDEAS

    as
    1. Heinemann, Friedrich & Moessinger, Marc-Daniel & Yeter, Mustafa, 2018. "Do fiscal rules constrain fiscal policy? A meta-regression-analysis," European Journal of Political Economy, Elsevier, vol. 51(C), pages 69-92.
    2. Potrafke, Niklas, 2025. "The economic consequences of fiscal rules," Journal of International Money and Finance, Elsevier, vol. 153(C).
    3. Blesse Sebastian & Heinemann Friedrich & Janeba Eckhard & Nover Justus, 2021. "Die Zukunft der Schuldenbremse nach der Pandemie: Einsichten aus einer Befragung aller 16 Landesparlamente," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 70(1), pages 81-97, May.
    4. Sebastian Blesse & Florian Dorn & Max Lay, 2023. "Do Fiscal Rules Undermine Public Investments? A Review of Empirical Evidence," ifo Working Paper Series 393, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
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    More about this item

    JEL classification:

    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General

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