The population remains attached to the stability of the Merkel era. As such, the latest elections favored a political force capable of embodying change without causing real disruption.
Indeed, with a budget surplus close to €50 billion at the start of the crisis, the German Vice-Chancellor has taught Europe a lesson in Keynesian economics: to avoid having to skimp on stimulus measures in the face of financial, ecological or public health shocks, it is best to create margins for action during periods of expansion. Freed from the constraints of the budgetary orthodoxy that he had been the guarantor of in recent years, Olaf Scholz is now in a position to propose a massive investment program. The SPD will have to deal with the liberals’ desire to rapidly balance public accounts again.