Merz's Mission: Reviving Germany's Economy with AI and Innovation

German Chancellor Friedrich Merz on Wednesday pledged to revitalize Europe's largest economy through strategic reforms focusing on AI and digitisation. The cabinet's measures aim to streamline bureaucracy and enhance business efficiency amidst current economic challenges.

Merz highlighted a shift from traditional fiscal conservatism with a massive infrastructure and defense investment to stimulate growth. Bureaucracy is costing Germany significant economic output, and the new 'modernisation agenda' identifies 23 projects to simplify and improve daily life for citizens. These include online vehicle registration and a 24-hour company formation platform.

Additionally, the agenda outlines speeding up foreign qualification recognition in medicine and creating a digital agency for skilled worker integration. Plans for nuclear fusion funding and hydrogen infrastructure development were also approved, aiming to cut bureaucratic barriers significantly.

(With inputs from agencies.)