Germany’s New Finance Chief Highlights Need for Belt Tightening

Germany’s new finance minister said the government will still need to identify budget savings even though it can tap into a giant new infrastructure fund and effectively spend as much as it wants on the armed forces.

Lars Klingbeil, who took office last week, told lawmakers in Berlin Wednesday that while there’s “new scope for maneuver” on infrastructure and defense, the ruling coalition under Chancellor Friedrich Merz “will also have to push ahead with budget consolidation” in other areas.