Germany’s new government is blandly reassuring
Friedrich Merz’s promises to transform the country have been scaled back
FOR ANYONE seeking respite from Donald Trump’s political and financial maelstroms, on April 9th Germany proved happy to oblige. After what by German standards was a relatively swift negotiation, the centre-right Christian Democratic bloc, led by Friedrich Merz, sewed up its coalition talks with the Social Democrats (spd) and published its programme for government. After winning Germany’s election on February 23rd, Mr Merz had shocked observers by questioning nato’s future under Mr Trump and declaring that Europe must “achieve independence from America”. But there were no such fireworks on offer this week. Asked if he had a message for America’s president, Mr Merz replied simply that “Germany is back on track.” Fittingly, many investors spooked by Mr Trump’s caprices abandoned us Treasuries for the calmer waters of Germany’s bond market.
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