Geopolitical events
On July 22, 2026, the German Bundestag enacted the "Industrial Energy Subsidy Act," a €45 billion emergency fiscal package designed to protect energy--intensive sectors from the price shocks caused by the West Asia War. This policy provides direct liquidity support to the chemical, steel, and glass industries to prevent widespread production halts and maintain global market share. Chancellor Olaf Scholz characterized the intervention as a "decisive measure to preserve the core of the German industrial model and ensure economic resilience in a period of extreme geopolitical instability."