Deutsche Bank’s Sebastian Becker assesses Germany’s new fiscal relief package to counter higher energy prices from the conflict in Iran, judging it small relative to 2026 GDP and earlier 2022–23 measures. The temporary energy tax cut and employee bonus are seen as offering negligible support to growth and only marginally reducing inflation, with much of the gross relief offset by windfall and tobacco taxes.
Mini-package offers modest macro support
“The recently unveiled relief packa