The “Nein” returns to Europe
Since Friedrich Merz took office as chancellor, it seemed that Germany’s extreme and chronic aversion to debt was softening. First, in 2025, with the historic change in the Constitution relaxing the debt prohibition pushed by the current chancellor before he had even taken office; and later with the announcement of the huge investment of 780 billion euros in defense over five years. However, it now appears that either the transformation is not so radical or it only applies domestically and not in the European Union, where the German “Nein,” so often repeated during the financial crisis, is back.