Research

Germany: A difficult victory

24 February 2025 16:24 RaboResearch

The CDU/CSU has won the German election, putting Friedrich Merz on track to become the country’s next chancellor. However, despite securing a victory, Merz has little to celebrate, as the political landscape remains challenging. While there is scope for easier fiscal policy, a true ‘fiscal Zeitenwende’ is not expected. The German economy has started the year on a slightly better note, though it’s far from booming, with significant concerns and headwinds still looming. Regardless of the coalition talks’ outcome, the energy market landscape is unlikely to change much.

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Marketing communication / Non-Independent Research. This publication is issued by Coöperatieve Rabobank U.A., registered in Amsterdam, and/or any one or more of its affiliates and related bodies corporate (jointly and individually: “Rabobank”). Coöperatieve Rabobank U.A. is authorised and regulated by De Nederlandsche Bank and the Netherlands Authority for the Financial Markets. Read more