The third coming

The new government will tilt a little to the left of Merkels previous administration because of the SPD. However,Germany is unlikely to soften its stand on fiscal discipline. For,at the heart of the grand coalition is Merkels most trusted ally,Wolfgang Schaeuble,the finance minister behind the austerity imposed on crisis-hit EU states. Given the coalitions 504 seats out of 631 in the lower House,theres little scope for debate. Instead,SPD ministers will spend their time fighting CDU ministers,or mostly Schaeuble,accused by the SPD of being too beholden to the textbook in dealing with Greece. On the other hand,the SPD is likely to be tougher on the UK as the latter renegotiates its relationship with the EU. Merkel would do her best to keep London in,but she wont be able to offer David Cameron the best deal. She will also have to take stock of a Ukraine split down its middle by protests demanding proximity to the EU,and deal with Moscows ire.

Once seen as the epitome of industrial efficiency,Germanys ageing infrastructure is deprived of repair and replenishment today owing to Berlins pursuit of thrift at home. Experts warn this could undermine the economy in the long term. Merkels first task,economists agree,is stimulating the domestic economy.

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