Germany is set to join the growing list of countries preparing to commit to new spending plans to tackle the effects of the coronavirus crisis.

The country's finance minister, Olaf Scholz, will submit plans for a series of measures to his cabinet colleagues.

These will include establishing a new EUR 500 billion fund to save companies in danger of going out of business and borrowing more than EUR 150 billion, going directly against the country's long-held commitment to balanced budgets, known as schwarze Null, or black zero.

The plans will also in effect reactivate the economic stabilization fund set up in 2009 to rescue banks.

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Germany is set to join the growing list of countries preparing to commit to new spending plans to tackle the effects of the coronavirus crisis.

The country's finance minister, Olaf Scholz, will submit plans for a series of measures to his cabinet colleagues.

These will include establishing a new EUR 500 billion fund to save companies in danger of going out of business and borrowing more than EUR 150 billion, going directly against the country's long-held commitment to balanced budgets, known as schwarze Null, or black zero.

The plans will also in effect reactivate the economic stabilization fund set up in 2009 to rescue banks.