German Chancellor Olaf Scholz said his country's budget for next year will include austerity measures for citizens and companies, pledging to modernize the economy and support Ukraine despite budget woes.
Scholz addressed the Bundestag on the budget crisis stemming from the Constitutional Court's ruling that the government's reallocation of the unused €60 billion Covid-19 fund was illegal.
Emphasizing that Germany has recently struggled with the Covid pandemic, the effects of the war in Ukraine on the economy and rising energy prices, Scholz promised to quickly implement countermeasures in the event of an unexpected increase in energy prices.
Stating that the German government will end the price ceiling on energy prices by the end of this year, Scholz said, "We will be able to end the energy price brakes due to low prices and well-filled natural gas stores."
Olaf Scholz explained that despite the difficulties, they are fighting climate change and trying to modernize Germany and said, "It would be a serious and unforgivable mistake to neglect the modernization of our country in the face of all these serious challenges."