Germany's Reform: One Small Step

Efforts to remodel federalism will give more flexibility to states in financial, educational, and environmental matters, says S&P

At least one crucial reform measure, which began its legislative process through German Federal Parliament last week, is off to a promising start in Berlin. The agreement on a reform of the German system of federalism represents an important, albeit small, first step in the country's federalism-reform efforts, according to S&P's Ratings Services.

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