OPINION
Market Rating Before FOMC MeetingJan 31
Merkel's 16-Year Rule Over
In Germany, which is the largest economy in Europe, rule of Angela Merkel, who has been Chancellor since 2005, has officially ended. Olaf Scholz was sworn in as Germany's new chancellor, formally taking power after Angela Merkel's historic 16 years as leader, as a result of the elections.
In elections, in which 60.4 million voters cast ballots, 47 parties competed. Social Democratic Party got 25.9 percent of the votes and Chancellor Angela Merkel's Christian Democratic Party, which took a serious loss of votes 70 years later, staying below 30 percent and got 24.1 percent of the votes. The SPD formed a coalition government in December, after long negotiations with the Greens and the Free Democratic Party (FDP).
Olaf Scholz, was born on 14 June 1958 in Osnabrück. Scholz was nicknamed 'Scholzomat' because he did not add emotion to his speeches and made monotonous statements. The new Prime Minister, who is also a lawyer specializing in labor law, had been interested in politics since his youth and became a member of the Social Democratic Party at the age of 17.
On December 8, Olaf Scholz, the Leader of the Social Democratic Party, was elected Prime Minister in the first round in a vote in the German Bundestag and sworn at the official ceremony in Berlin.
In the vote held in the Parliament gathered under the leadership of the President of Bundestag Baerbel Bas. The German parliament, the Bundestag, backed him as chancellor by 395 votes to 303, and he was then formally appointed as the ninth federal chancellor by President Frank-Walter Steinmeier.
In his first speech as Chancellor, Scholz stated that this task is an exciting, fulfilling and at the same time challenging task, and said that taking responsibility for this country when it is done with pleasure is one of the most beautiful tasks.
On the other hand, it was informed that 9 male and 8 female ministers would be in the new cabinet. Accordingly, the first female Foreign Minister in the history of the country will be Annalena Baerbock. And Karl Lauterbach will be the Health Minister, Christian Lindner will be the Finance Minister, Robert Habeck will be the Economy and Climate Minister and Volker Wissing will be the Transport Minister.
In addition to the goal of raising the minimum wage and increasing public spending, the new Chancellor is known to plan to reach the carbon neutrality target by 2045. His election program includes 100 percent renewable electricity by 2040, solar installations on all suitable roofs, every supermarket, every townhall, every school and a “pact for the future” with states and local authorities that gives them binding renewable targets.
