The people speak

Investors were nearly unanimous in their support of Angela Merkel in the German election. They thought that her CDU party was committed to the sort of labour market reforms that would reduce unemployment and increase growth. But Merkel failed to gain a majority. It is not just Merkel who has lost, although her party’s loss of three percentage points’ share of the vote since the last election is certainly a personal vote of no confidence. The whole cause of economic reform has been severely dama...