The end is nigh

This week kicks off a momentous political year in Germany, culminating in the federal election in September and subsequent retirement of Angela Merkel. The stakes for those hoping to succeed her could scarcely be higher. None will find the job easy. Thanks to its relatively shielded manufacturing sector, Germany has contracted much less than other European economies during the pandemic. And, adjusted for population, it’s suffered half the Covid casualties. But as we’re often warned, past performance is no guide to the future.

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