THESE DAYS the streets of Berlin run red with the blood of sacred cows. On June 24th Lars Klingbeil, the finance minister, unveiled plans to borrow vast sums for a debt-funded €500bn ($580bn) infrastructure programme and a giant rearmament scheme. The world’s third-largest economy is jettisoning its hard-earned reputation as Europe’s champion of flinty austerity. It is a bold move, and one welcomed by Germany’s allies and the financial markets. But it is not without risks.
THESE DAYS the streets of Berlin run red with the blood of sacred cows. On June 24th Lars Klingbeil, the finance minister, unveiled plans to borrow vast sums for a debt-funded €500bn ($580bn) infrastructure programme and a giant rearmament scheme. The world’s third-largest economy is jettisoning its hard-earned reputation as Europe’s champion of flinty austerity. It is a bold move, and one welcomed by Germany’s allies and the financial markets. But it is not without risks.
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