Germany - Politics
SPD head Beck resigns – SPD prepares itself up for election campaign
On 07Sep SPD head Kurt Beck resigned – allowing his pre- predecessor Franz Müntefering to take over.
Together with Frank Walter Steinmeier, whose candidacy for chancellorship in next year’s elections was confirmed, this had been viewed as a return by the SPD to their earlier position on reform.
But the intra-party conflict about future policy direction – notably with regard to the left wing around Andrea Nahles and cooperation with the left party – is being plastered over rather than resolved.
The more credible SPD leadership is likely to push the CDU/CSU towards more left-wing rhetoric ahead of next year’s elections. A post election grand coalition remains our most likely scenario but the stronger SPD leadership will increase popularity with the electorate.
Asset conclusions: generally market positive; new SPD leadership increases reliability, might make reforms more palatable long term.
© EZA
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