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German finance minister: government is sticking with debt brake

Closed German cabinet meeting at the government's guest house in Schloss Meseberg, near Gransee

BERLIN (Reuters) - Germany will stick with its constitutionally enshrined debt brake, which was restored this year, as continuing with expansive fiscal policy would have caused the economy to lose its resilience, the finance minister said on Tuesday.

In many places in the European Union and Germany, there is no lack of money but a question of how to spend it well, Christian Lindner said in a speech to the VKU local utilities association.

The debt brake rule, which limits new borrowing to a fraction of economic output, had been temporarily suspended due to costs associated with the coronavirus pandemic but the government plans to stick to it again now.

(Reporting by Riham Alkousaa; editing by Matthias Williams)