Debt brake: The Bundesbank is interfering in politics. It is risky, but right

Bundesbank President Nagel presents ideas on how to reform the debt brake. In doing so, he is breaking with tradition.

It sounded like a vote of no confidence when Bundesbank President Joachim Nagel presented his basic principles for reforming the debt brake . He underlined his expectation that politicians would "read the proposal carefully", as the Bundesbank felt it was its duty to provide advice and support in view of the geopolitically and economically precarious situation in Germany. Nagel seemed like a strict senior teacher who wanted to discipline his fuzzy upper sixth-formers. After all, the federal government has economic specialists in its service for factual questions. But in Frankfurt, people are convinced that it cannot work without the expertise of the Bundesbank. In view of the years of chaos in Berlin over budget financing, it must be said that any competent help from outside is valuable. But the Bundesbank's bold approach is maneuvering itself into a risky position.