It should, moreover, be possible to spread the consolidation appropriately across the economic recovery process. To this end, central government will have nearly € billion worth of reserves at its disposal for the transitional period. Cyclically-induced deﬁcits are likewise permitted.
In addition, under the debt brake, central government will, over the next few years, be able to cover structural ﬁnancing needs of around € billion a year using loans. However, we see no additional scope, say, to take on social security costs or other structural burdens on a large scale.