Argentina and Germany are polar opposites when it comes to fiscal responsibility, yet both are in the news for budget policy. In Argentina, Javier Milei – the president-elect – rightly recognises the imperative of slashing the country’s habitual massive deficits and monetary financing, which have spawned a legacy of high/hyperinflation and serial defaults. In contrast, Germany’s governing coalition must tackle fundamental challenges to the country’s growth model while managing the future of the ‘schuldenbremse’ (debt brake), given the most recent German constitutional ruling. Finding a responsible path forward is ... (full story)