Finace And Stock

Merkel’s Trade-Centric Vision for Germany Still Stands

Germany’s fragmented election results may prove that the more things change the more they stay the same.

Chancellor Angela Merkel has ruled over the world’s No. 4 economy for 16 years. Her macroeconomic policy legacy includes fiscal austerity and a trade-friendly wage containment that has led Germany’s current-account surplus to be one of the largest in the world, at 8% of gross domestic product. She has championed a middle-of-the-road approach to the integration of the eurozone, resisting permanent debt sharing across nations but stopping short of pushing any of its key markets into the abyss—be it by allowing the European Central Bank to pick up the slack or by granting some reluctant fiscal flexibility.

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