Germany’s Scholz says goal to reduce inflation with 2023 debt brake

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German lower house of parliament session in Berlin

BERLIN – Germany must refrain from funding long-term subsidies with further credit in order to return to its constitutionally enshrined debt brake next year, Chancellor Olaf Scholz said on Wednesday.

“The goal must be to reduce inflationary pressures sustainably,” he told the Bundestag legislature as lawmakers convened to discuss the nation’s budget.

(Writing by Rachel More, Editing by Miranda Murray)