On Friday 20, Germany approved a €50 billion ($63 billion) stimulus package, aimed at boosting Europe's largest economy. The plan was approved by Germany's Bundesrat upper house of parliament, which represents Germany's 16 state governments.
The package includes infrastructure investments, tax relief, reductions in health care contributions and money for families with children. The plan also provides €2,500 bonuses to people who give up old cars to buy new vehicles.
Commenting on the stimulus package, Chancellor Angela Merkel said, "Germany will emerge from the crisis stronger than when it entered it. We are operating on the principle that Germany is strong and therefore can come to terms with this difficult economic situation. With the biggest package in the history of the Federal Republic of Germany, we are also living up to our international responsibilities."
The package comes a year after the previous stimulus package of €31 billion, which was criticized for being too small to lift the German economy from recession. Germany's economy went into recession last year as the global downturn hit demand for exports.