Consult this publication on line at

particular stages of the budget process (see Section 4.2 above). 
As is the case in many OECD countries, it is difficult to form a clear and comprehensive
overview of the full range and extent of fiscal risks that arise for Germany as a whole –
notwithstanding the useful detail that appears in various sources. As referenced in Section 2,
for example, the monitoring and enforcement of sound fiscal planning within the 
Länder
pose particular challenges and risks, which will be an important topic in the future
Figure 3.
Budget guarantee authorisations since 2001
Source:
German Federal Ministry of Finance.
500
450
400
350
300
250
200
150
100
50
0
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
264.3
292.1
303.5
318.6
308.6
309.5
309.8
313.6
469.5
477.3
445.6
436.9
449.4

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BUDGET REVIEW: GERMANY
OECD JOURNAL ON BUDGETING – VOLUME 2014/2 © OECD 2015
54
deliberations of the Stability Council and its independent advisory body. Germany’s annual
Stability Programme includes a section on fiscal risks in line with the standard format, and
may provide a useful starting point for future comprehensive and transparent reporting on
this subject.
5. Capital budgeting
5.1. Overview of capital budgeting process
As in most OECD countries the budgeting for capital projects are integrated into the
ordinary budget process. Capital investment is identifiable in the budget, but it is treated
as any other expenditure in the process rather than having a separate framework and
process. Investment spending at the federal level mainly happens in the sectors of
transport and defence and amounts to about 2% of the federal budget in 2014. Most capital
investment activity takes place at the state or municipal level. Table 3 below illustrates the
responsibilities with regards to capital investment.
There are a number of infrastructure and network plans in Germany (see Box 11).
These are co-ordinated at the federal level by the Federal Ministry of Finance, but more
detailed co-ordination and planning efforts take place at the sectoral level, in particular
with regards to transport. This is discussed further below.