Geopolitical events
On May 23, 2026, the German Bundestag passed the "Climate--Neutral Infrastructure Act," a €120 billion investment package aimed at accelerating the transition of the country's heavy industry to hydrogen power. Despite significant opposition from fiscal hawks within the coalition, the law provides massive subsidies for steel and chemical plants to retrofit operations. Finance Minister Christian Lindner noted that the "fiscal maneuver" utilizes off--budget vehicles to bypass the constitutional debt brake, a move expected to face immediate legal challenges in the Federal Constitutional Court.