Schuldenregeln

Schuldenregeln are fiscal rules that govern how much a government may borrow and how debt should evolve over time. They are designed to promote sustainable public finances by limiting net borrowing, guiding debt trajectories, and often requiring a shift toward balance or surplus in normal economic conditions. Many countries and regions use variations of such rules, sometimes allowing exceptions for economic downturns or one-off needs.

In Germany, the term is closely associated with the Schuldenbremse, the constitutional debt brake. Introduced in 2009 as part of fiscal reform, it requires that the federal government and the Länder maintain structurally balanced budgets over the business cycle. Borrowing is restricted to narrowly defined purposes, with exemptions for extraordinary emergencies and for certain investment needs. The rule was phased in and is designed to curb long-term debt accumulation while preserving room for essential investment, subject to economic conditions and legal adjustments.

At the European level, debt rules are anchored in the Stability and Growth Pact. The pact originally sets limits such as a structural deficit constrained toward a balanced budget and public debt not to exceed a target path, with nominal ceilings commonly referenced as deficits below 3% of GDP and debt below 60% of GDP. The pact emphasizes structural balance and gradual consolidation toward the targets, while allowing temporary deviations under specific economic circumstances and enforcement mechanisms.

Critics of Schuldenregeln argue they can constrain countercyclical policy and long-term investments during recessions, whereas proponents contend that credible rules reduce macroeconomic risk, improve fiscal discipline, and enhance policy credibility.