The German government succeeded to balance 2014 budget for the first time in 45 years. The Finance Minister Wolfgang Schaeuble promised to achieve this goal in 2015 and a balanced budget to become the norm for Germany, but has failed to meet its target ahead of schedule. Initially, the German government had predicted a small budget deficit of 6.5 billion EUR for 2014, but thanks to higher tax revenues and lower interest rates in debt repayments Berlin was able to finish the year without new loans. The Finance Minister Wolfgang Schaeuble pursue this objective for 15 years and managed to reach as Franz Josef Strauss, who achieved this result for the last time in 1969. Because of the good tax revenue and strict budget management Schaeuble has achieved balance without cutting subsidies or reduces costs.
The opposition parties and many economists believe that the balance does not really help the economy, which needs investments for growth. In terms of total debt Germany is still above definitions of the Maastricht conditions for the Eurozone ceiling of 60% of GDP. At the end of 2013 the government debt was 2.15 trillion EUR, which is equal to 78% of GDP. Schaeuble expects the debt to be reduced to below 60% by 2024.