Germany's former finance minister, who is set to challenge Angela Merkel in national elections next year, accused the chancellor of isolating Germany in Europe as he accepted the official nomination of his Social Democratic party.
Peer Steinbrück, 65, who served alongside Ms Merkel during the onset of the global financial crisis, said the chancellor had used Germany’s economic strength to act as Europe’s task master in the eyes of its neighbours.
Mr Steinbrück favours sweeping financial regulation, splitting investment from retail banking – a move that would hit Deutsche Bank, the country’s only real global player.
The SPD nominee faces an uphill battle to defeat Ms Merkel who remains popular in Germany thanks to near record-low unemployment and her non-confrontational political style
But though Ms Merkel seems likely to remain chancellor, she risks losing her present coalition partner, the centre-right FDP, which is trailing badly in the polls. Many pollsters therefore expect a return of the grand coalition, a political experiment that the cautious German electorate embraced during the financial crisis as it led to consensus-driven decision making.
Full article (FT subscription required)
© Financial Times
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article