AGL 38.02 Increased By ▲ 0.08 (0.21%)
AIRLINK 197.36 Increased By ▲ 3.45 (1.78%)
BOP 9.54 Increased By ▲ 0.22 (2.36%)
CNERGY 5.91 Increased By ▲ 0.07 (1.2%)
DCL 8.82 Increased By ▲ 0.14 (1.61%)
DFML 35.74 Decreased By ▼ -0.72 (-1.97%)
DGKC 96.86 Increased By ▲ 4.32 (4.67%)
FCCL 35.25 Increased By ▲ 1.28 (3.77%)
FFBL 88.94 Increased By ▲ 6.64 (8.07%)
FFL 13.17 Increased By ▲ 0.42 (3.29%)
HUBC 127.55 Increased By ▲ 6.94 (5.75%)
HUMNL 13.50 Decreased By ▼ -0.10 (-0.74%)
KEL 5.32 Increased By ▲ 0.10 (1.92%)
KOSM 7.00 Increased By ▲ 0.48 (7.36%)
MLCF 44.70 Increased By ▲ 2.59 (6.15%)
NBP 61.42 Increased By ▲ 1.61 (2.69%)
OGDC 214.67 Increased By ▲ 3.50 (1.66%)
PAEL 38.79 Increased By ▲ 1.21 (3.22%)
PIBTL 8.25 Increased By ▲ 0.18 (2.23%)
PPL 193.08 Increased By ▲ 2.76 (1.45%)
PRL 38.66 Increased By ▲ 0.49 (1.28%)
PTC 25.80 Increased By ▲ 2.35 (10.02%)
SEARL 103.60 Increased By ▲ 5.66 (5.78%)
TELE 8.30 Increased By ▲ 0.08 (0.97%)
TOMCL 35.00 Decreased By ▼ -0.03 (-0.09%)
TPLP 13.30 Decreased By ▼ -0.25 (-1.85%)
TREET 22.16 Decreased By ▼ -0.57 (-2.51%)
TRG 55.59 Increased By ▲ 2.72 (5.14%)
UNITY 32.97 Increased By ▲ 0.01 (0.03%)
WTL 1.60 Increased By ▲ 0.08 (5.26%)
BR100 11,727 Increased By 342.7 (3.01%)
BR30 36,377 Increased By 1165.1 (3.31%)
KSE100 109,513 Increased By 3238.2 (3.05%)
KSE30 34,513 Increased By 1160.1 (3.48%)

BERLIN: Social Democrat Olaf Scholz was sworn in as German chancellor on Wednesday, ending Angela Merkel’s 16 years of conservative rule and paving the way for his coalition government that has promised to boost green investment and strengthen European unity.

Scholz, 63, who over the past four years served as vice chancellor and finance minister in coalition with Merkel, won a majority of 395 votes from lawmakers in the lower house of parliament, Bundestag President Baerbel Bas said.

Wearing a black face mask, Scholz waved as he received a standing ovation from lawmakers and accepted bouquets of flowers and a basket of apples from leading members of parliament.

After being formally nominated by President Frank-Walter Steinmeier in the nearby Bellevue Palace, Scholz returned to the historic Reichstag building in the heart of the German capital to take the oath of office in front of lawmakers and become Germany’s ninth chancellor since the end of World War Two.

Scholz swore to devote his energies to the welfare of the German people - but he did not ask for God’s help, a phrase that is usually included in the oath of office and was spoken by Merkel.

Back in Bellevue Palace, the ministers of the new cabinet received their appointment certificates from the president.

In the afternoon, Merkel officially handed over the chancellery to Scholz and wished him a “steady hand” as the country faces a brutal fourth wave of coronavirus infections and challenges to its democratic order from authoritarian leaders.

In a short speech, Scholz hailed Merkel as a great chancellor and thanked her for a close and trustful relationship over the past years.

“I would like to build on the north-east German mentality, if I may say so, that has reigned here so far. Not much will change it this regard,” Scholz said in reference to their shared northern roots in the port city of Hamburg.

With his down-to-earth and no-nonsense manner, Scholz has positioned himself as Merkel’s natural successor and a safe pair of hands to steer Germany through challenges ranging from tackling the climate crisis to dealing with a more confrontational Russia and increasingly assertive China.

Scholz will lead an unprecedented three-way ruling coalition on the federal level with the pro-spending, environmentalist Greens and the fiscally more conservative, libertarian Free Democrats (FDP) - unlikely political bedfellows in the past.

Scholz is an experienced negotiator and veteran politician who as SPD party secretary general from 2002 until 2004 defended controversial labour market reforms and social welfare cuts under former Chancellor Gerhard Schroeder.

As labour minister from 2007-2009 in Merkel’s first ruling coalition, Scholz pushed for a generous short-time work scheme that helped protect millions of workers from the fallout of the global financial crisis.

After being mayor of Hamburg from 2011-2018, Scholz returned to Berlin as Merkel’s finance minister - a role in which he got rid of the goal of balanced budgets and enabled record new borrowing to shield companies and employees from the impact of the coronavirus pandemic.

On the European level, he worked closely with France and persuaded Merkel to support a debt-financed European Recovery Fund worth 800 billion euros ($900 billion) to help EU member states hit hardest by COVID-19.

Merkel, 67, a lover of opera and hiking in the little spare time she has had in the last 16 years, has given few clues about what she plans to do in retirement.

Comments

Comments are closed.