German Center-Right Agrees to Form Government
By ANDREA THOMAS
Image Source: online.wsj.com
Germany’s new center-right coalition has stuck to its promise to cut taxes to boost economic growth, Chancellor Angela Merkel told reporters Saturday.
Leaders from Germany’s new center-right coalition announced Saturday that they had agreed on a government program that foresees 24 billion euros in tax cuts from 2011 and gives a cash injection to the struggling social security systems.
They also agreed to extend the lifespan of nuclear power plants and move the responsibility for banking supervision to Germany’s Deutsche Bundesbank central bank.
The product of three weeks of negotiations, the coalition treaty between Merkel’s Christian Democratic Union, its sister party the Bavarian Christian Social Union and the pro-business Free Democratic Party avoids painful spending cuts that could counteract the widening budget gap caused by the worst economic crisis in decades.
Read Full Story : http://online.wsj.com
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