How has Germany reduced its public debt ratio?

A comparison between Germany and the other euro-zone countries reveals a very different public debt ratio dynamics in Germany, where the public debt ratio has fallen quite rapidly since 2013. We try to understand how Germany, unlike the other euro-zone countries, has succeeded in reducing its public debt ratio : By running a large primary fiscal surplus, thanks to either public spending cuts (which areas of public spending?) or an increase in the tax burden ? I t is also important to look into the causes of this primary fiscal surplus. We see an increase in the tax burden and a low level of social welfare spending, facilitated by the decline in unemployment; Thanks to higher nominal growth (real growth and inflation), which gradually reduces the public debt ratio? No; Thanks to lower interest rates than the other euro-zone countries? Yes. This led to a sharp fall in the interest paid on the public debt. Has Germany’s debt ratio fallen as a result of strategic choices ( rejection of fiscal deficits) or due to the country’s economic situation (interest rates, unemployment)? We see that both factors have played a role, but abov e all the desire to return to fiscal surpluses.