Germany's €65 billion package to combat inflation

Germany has announced its third package of measures to protect consumers and businesses from inflation. The package, which includes measures such as discounted public transport and tax cuts, will total 65 billion euros. According to the third package of measures announced by Germany on Sunday, the government will spend 65 billion euros to protect consumers and businesses from the effects of rapidly rising inflation. According to the package agreed on by the three-party coalition led by Chancellor Olaf Scholz, the package of measures includes the extension of discounted travel on public transport and tax cuts worth 1.7 billion euros for around 9,000 energy-intensive companies. “Of the three packages of measures announced, this is the largest package so far,” Chancellor Scholz said at a conference. Scholz also referred to Finance Minister Christian Lindner’s statement that taxes on companies’ excessive profits would reach double-digit billion euros, saying that these tax revenues would be used to reduce energy costs for end consumers.