Why Germany should now sacrifice two public holidays - financial expert explains.

Why Germany should now sacrifice two public holidays - financial expert explains.

According to a report by amp.focus.de, the director and CEO of the German Council on Foreign Relations, Guntram Wolff, supports the idea of ​​sacrificing two public holidays in Germany to compensate for the financial burden of the green transformation and increased military spending.

Wolff emphasizes that the current changed framework conditions, especially since the Russian attack on Ukraine, will lead to increased spending on defense capabilities and support for Ukraine. In addition, the green transformation and necessary economic investments will bring further financial burdens.

One estimate, according to Wolff, is that eliminating two holidays could finance about half of the additional spending. This step is not as radical as it may sound, since Germany canceled the day of repentance and prayer in 1994 in order to finance long-term care insurance. The neighboring country Denmark also abolished a public holiday in order to finance increased military spending.

The possible effects of such a measure on the market and the financial sector can be complex. Offsetting additional expenses by eliminating holidays could provide long-term financial stability, but also have social and cultural impacts. It is important to carefully analyze the possible consequences of such a decision and take into account the interests of various stakeholders.