from the past. is it time to get the foot off the debt right germany's economy many economists say the government must stop. and. talk to the architect of germany's fiscal austerity mechanism believe me says it's time to splash out.

chief executive admits to lawmakers we've made mistakes one of the 1st 2 fatal crashes boeing 737 jets the c.e.o. says his company deserves. this is t w business as in berlin welcome. ago the world was in turmoil the global financial debt crisis threatened some of the world's biggest economies as they became engulfed in public and private debt germany feared it could be next so it took action and put a cap on borrowing 10 years of fiscal austerity later infrastructure is crumbling the economy is stalling and interest rates on the 0 so many economists say germany should stop its obsession with saving and stop borrowing. driven by the high costs of german unification germany's debt to g.d.p. ratio was approaching 80 percent as the financial crisis hit so berlin pulled the

brake money the debt break and that's the name given to the balanced budget amendment added to the constitution 10 years ago under its a german government can only take on new debt up to 0.35 percent of economic output and it restricts state and local authorities ability to borrow beyond their means so far so good germany weather the crisis and for the past 5 years it's managed to raise public spending without incurring new debt thanks to a rebounding economy. balanced budgets have brought its debt under control but at the cost of stinginess when it came to things like infrastructure and schools. with borrowing costs at record lows some are questioning the wisdom of these tight purse strings including other european countries who hope more german spending without boost their economies. so is it time now germany's doubts to rethink debt and borrowing one man says so and ironically he's one of the architects of the

so-called debts break the economist christian kustok he joins joins us now from does low consent of morning you helped invent the debt break why the u.-turn now. yes good morning yes i helped to invent the debt break because i think the overarching goal of fiscal sustainability for the wrong run is something we really have to safeguard but as with everything in there is a say never over do a good argument and this is what has been done in the last years especially if we look to the overachievement the german government put on that debt break which is the name of the black 0 and i think this is really overdoing it not using the possibilities within the depth break and on top of course there are issues now so relevant especially for the future which also is for growth and long term

sustainability which we really need to use all possibilities within the system and spend more yes why is now the right time you said there are some issues that are pressing why is now the right time i think 1st of all or if you look at the local level in germany which is responsible for the most part of public investment i think we have in a lot of areas regions rotten infrastructure this starts from the road suing system schools and this is super important that this gets into better shape and this is leading to another issue we have to spend much much more even the dynamics of the global economy in innovation the scions education technology and i think we have this 0 interest rate at right now and i think this is what we also should use in addition to the possibilities that they're giving us this is not only an economic or political argument it's also psychological isn't it why is germany so

afraid why ob john been so afraid of debt. i think this is a bit yeah you can say the heritage of the german past so i think germans have always been very very sensitive to inflation and to debt but sometimes they forget that you need some debt to finance the future and this is probably what politicians have to tell people and then i think also the german mood will change i hope at least a bit that this is not giving away goodies for the past and this is what unfortunately in the last 2 great coalitions have done there was money there was money in the last 10 years due to the very good situation of the german economy but they didn't spend it for the future so for productivity and those investments i just mention i think if you tell this to the people it's for the children for the next generation i think you could overcome this typical german problem quite

a bit. because of thank you very much for that analysis things thank you think. now the c.e.o. of boeing dennis millen barack has admitted to u.s. senate committee that his company got things wrong in the development of the 737 max allen that tuesday's hearing came exactly one year after the crash of a 737 months caused by a faulty flight assistance program only weeks later a 2nd accident with the same type of aircraft likely caused by similar problems relatives of the 346 people killed watched mr mone burke admits that his company's made mistakes on behalf of myself and the boeing company we are sorry deeply and truly sorry as

a husband and father myself. i'm heartbroken by your loss. it was an emotional address delivered exactly a year after the crash of a 737 moxon indonesia that killed everyone on board in march of this year tragedy struck again when the same model came down in ethiopia. since then 77 mox have been grounded the classes are thought to have been caused by a software fault u.s. lawmakers accused boeing of knowing it systems were subpar and of failing to train pilots adequately those pilots never had a chance these loved ones never had a chance they were in flying coffins as a result of boeing deciding that it was going to conceal and carry us from the pilot. boeing's boss says the company recognizes its failings and is

committed to doing better in the future. we've made mistakes and we got some things wrong we're improving and we're learning and we're continuing to learn. the 737 max will stay grounded until further notice a major financial blow for boeing and cold comfort for the friends and loved ones of those for whom that precaution has come too late. now to some of the other global business stories making headlines today. landed what could be its biggest order from a single ally indian budget carrier indigo ordered $300.00 of the company's a $320.00 new chips the dealer's worth at least $33000000000.00 the order makes indigo the biggest customer for the a $320.00 neal which is the main competitor so boeing's troubled 77 months.

some so has unveiled the design for its newest foldable smartphone which can fold into the square south korean company released the device at its developer conference in san jose california some some didn't say when the new phone design would be launched. u.s. italian car giant fear of chrysler and francis persia are in merger talks according to the wall street journal a deal between the comic has would have a combined market value of $50000000000.00 it would be fair prize the 2nd term to other much of this yeah after the comic i pulled out of an agreement with in june the merger would bring brands like all for all male citron mother r.t. and persia under one roof. now the british elections set for december everything remains possible in terms of breaks its soft

or no breaks at all that means uncertainty for businesses will continue a little longer including in ireland where the country's tourism sector is firmly in the firing line tens of thousands of jobs are at stake. this charming train takes visitors on a tour of go away city in the west of ireland it was the brainchild of terry mannion an entrepreneur who relies on tourism he's worried about how the wrangling over break that will affect his bottom line. british tourism how should 30 percent over 30 percent of our tourism trade in our so i think. that's going to affect that we don't want. experts fear that a disorderly brags that could lead to the loss of some 10000 jobs in the irish tourism sector. ireland's west coast has traditionally been a popular holiday destination for the british many holiday homes here but now that sector is beginning to feel the effects of bragg's of. course we are

probably as we were all property were huge loose incidence depression to close so this is our earth taught you to. prove those people for. whom it was because of groups that you know. how do you. know. many people in the west of ireland earn a living from agriculture and fishing and it's these sectors that could be especially affected one group that's been sounding the alarm is oyster farmers up to now their path to man land europe has been through britain but that could soon change. we hope and. the best results which we have we have that oh it's fair well that we have to put up our price sense

export control it by ear so that we'll put out. we put out one sort if there's a problem. for terry mannion the road ahead is paved with uncertainty the e.u. flag has pride of place on his train after all when it comes to the e.u. ireland remains fully on board. and that's or your business thanks for watching for more business news i'm back on stories to check out our web site that's d w dot com slash business and make sure you follow us on social media we're on facebook and on twitter since you view arts and culture is next right after this quick look after will markets at this hour.

after the fall of. the night. at the. welcome to news from the world of culture prince left us to say but he did leave a memoir that's just being published also coming up today. spent time in an east german jail so she welcomed the full of the bowl in wool a story in our series leading up to the 30th anniversary.

and germans still favor cash over credit cards for most transactions it's a cultural phenomenon and we'll find out why. but we begin with prince because this memoir called the beautiful ones has just been published and is flying off the shelves at the moment. prince died of an accidental drug overdose in 2016 but had already chosen a coach for his autobiography the young journalist and found on pipe and bring the book contains princes in complete text and never before seen photos notes and hand written written lyrics. and david leavitt's is here with

me is how to peek at the book this is as close to an autobiography as we're ever going to get i mean prince had turned on the idea of a.