BERLIN: German Chancellor Olaf Scholz on Tuesday backed calls for greater fiscal prudence, amid concerns that new European Union spending rules will choke investment in key areas.The response to recent crises meant that “public debt has risen significantly”, Scholz said in a speech to the European Trade Union Confederation Congress in Berlin.“We now need an agreement on how we can reduce the high levels of debt again,“ Scholz said.The European Commission put forward proposals in April to overhaul its fiscal rules, which were suspended following the Covid pandemic and the Russian invasion of Ukraine.The EU's current spending rules say states' public deficits should not go above three percent
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