Ella Bergmann-Michel, Untitled (B277), India ink on paper, 1930. COURTESY: ESTATE BERGMANN-MICHEL AND GALERIE ERIC MOUCHET, PHOTO BERTRAND MICHAU © ADAGP, PARIS, 2026
A former senior German Finance Ministry official, Philippa Sigl-Glöckner, 35, is the founder and director of the Dezernat Zukunft think tank, which is closely aligned with social-democratic ideas.
In March 2025, Chancellor Friedrich Merz passed a historic reform allowing Germany to borrow a significant sum to fund its efforts to rearm and modernize its infrastructure. Is it possible to take stock of the results so far?
Spending on defense and infrastructure has increased significantly; from that perspective, the promise has been kept. But, in my view, two problems arise. The main one is that these necessary measures will not generate growth – at least not enough to offset the structural problems facing Germany's economic model. To generate growth, one needs to get private investment flowing, too. But that is not what we are seeing.
You have 91.24% of this article left to read. The rest is for subscribers only.
