Socialist Olaf Scholz elected German leader as Merkel era ends
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Photographers are focused on Angela Merkel, the outgoing German Chancellor. She stands before a session at Berlin’s Bundestag.
AFP | AFP | Getty Images
On Wednesday, lawmakers elected Olaf Scholz as German chancellor. This marked the end of Angela MerkelThe 16-year reign of’s.
Scholz is a socialist SPD member and will be leading a coalition of three parties with the Greens, the FDP pro-business party, as well as the Greens.
Due to their intention to increase investment in the country, this coalition agreement stands out among other plans. But, pandemicIt is anticipated that they will make this their top priority when the government assumes office. This comes as Germany faces high Covid-19 levels and a stalled vaccine program.
Merkel’s farewell
Merkel received an standing ovation from the German Parliament Wednesday as she was elected first as chancellor, in 2005. It was her last moment at the Bundestag.
Holger Schmieding was the chief economist at Berenberg. He wrote Wednesday, “She presided over an extended period of peace and prosper, steering Germany calmly, confidently through various upheavals.
Merkel’s domestic tenure is remembered for higher living standards and employment rates. A conservative fiscal stance allowed the government to build up buffers.
Merkel’s open-door policy during the beginning of the immigration crisis will be remembered internationally. EuropeIn 2015. In 2015.
Her leadership also was marked by the 2008 sovereign debt crisis, and the 2008 financial crisis. Merkel’s toughness in pushing austerity measures in the Euro zone was criticized by some, but supporters claim that she was able to save it and get support from both the German Parliament and the electorate.
Otto Fricke is a member the Bundestag für FDP. He said Wednesday on CNBC’s “SquawkBox Europe” that Merkel’s last years were notable because of a lack real progress. “This is progress [now]He stated that it was necessary to do so.
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