Germany finally has managed to balance its budget for the first time in nearly 50 years.
Strong tax revenues and exceedingly low interest rates which brought down the cost of meeting its debts enabled the country to reach this goal.
The last time the German budget was balanced was in 1969.
Germany called on other eurozone countries to follow its austere example rather than try to stimulate their stagnant economies with borrowing or central bank money-printing.
France and Italy were joined by several other EU states, accompanied by the IMF and the OECD, in calling instead for public investment to promote growth. But Germany rebuffed this notion.
The European Central Bank is considering a quantitative easing programme which would buy eurozone government bonds in an attempt to boost growth and flight deflation.
Persistent low inflation makes it harder for highly indebted governments and households to reduce their debts.
A decision is due when the bank meets on 22 January.
Germany’s Bundesbank has never favoured this option, arguing that buying government bonds raises legal questions and could cost German taxpayers.
