Schäuble to quit as German finance minister – good news

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Bloomberg is reporting that the long-serving German finance minister Wolfgang Schäuble will step down as the country’s finance minister and will lead the German parliament, the Bundestag. The election resulted in a fractured parliament and Merkel would need a senior figure to lead the chamber.

Schäuble is a fiscal hawk that led Europe’s austerity policy. He was quite tough on Greece, the debt-stricken nation, and strived to throw the Hellenic Republic out of the euro-zone. The closing of Greek bank and the punishing “aGreekment” in July 2015 served as a deterrent for bigger countries such as Spain, Italy, and even France.

Together with a young and reformist French President, the new German government could take a different direction on spending. There is a savings glut in the old continent. Despite record low borrowing costs, investment is poor in Germany and across the 19-country currency bloc.

A release of spending could reinvigorate growth and eventually boost the euro.

More: The EU is treating the UK like Greece – 5 worrying similarities

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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