Abstract
Since 1970 public debt in Germany has risen dramatically. The debt growth has neither been stopped by the constitutional deficit limit, nor by the European Stability and Growth Pact. At the moment, the cyclical upswing triggers increasing tax revenues and diminishing deficits. Yet this does not mean that fiscal fundament is sustainable. What are the chances for a structural consolidation of public finances? Which institutional reforms must be envisaged? Can these changes be accomplished in the planned second round of the reform of intergovernmental fiscal relations?
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