Maastricht debt 2008

According to the Deutsche Bundesbank’s calculations, general government debt in Germany amounted to €1,642 billion (65.9% of GDP) at the end of 2008. The debt level and the debt-to-GDP ratio increased by €65 billion and 0.8 percentage point, respectively, compared with 2007.

The predominant part of the debt increase can be attributed to government interventions in connection with the financial crisis. The debt of the Special Fund for the Stabilisation of the Financial Market (Sonderfonds Finanzmarktstabilisierung (SoFFin)) and that of two special purpose vehicles which were established to offload impaired assets from two state-owned banks (Landesbanken) were included in the general government debt in accordance with the principles of the European System of Accounts (ESA) 1995.

Under the European budgetary surveillance procedure, the member states of the European Union are obliged to submit data on general government deficit and debt levels to the European Commission twice a year (at the end of March and the end of September). In Germany, the Federal Statistical Office calculates the Maastricht deficit (0.1% of GDP in 2008) and the Bundesbank calculates the Maastricht debt level (consolidated gross debt).