germans vote for recovery
News Posted On: 28 September 2009
German voters headed to the polls on Sunday, with Angela Merkel expected to remain as Chancellor. Unlike in the UK it seems voters in Germany are not eager for a change. According to exit polls, Merkel's increased share of the vote means she is now likely to be able to team up with her preferred partners in the pro-business Freedom Party, in a centre-right coalition.
Merkel should now to be able to push though her Thatcherite measures to stimulate the economy including deregulation and making it easier to hire and fire employees. She also wants to see taxes cut by 15 billion euros over the next four years, dropping the lowest tax rate to 12 percent and raising the threshold for the 45 percent rate from 52,000 to 60,000 euros.
Meanwhile another poll shows German consumers are expecting a brighter economic future. The German Consumer Confidence survey is conducted monthly by GfK, a market research organization, on behalf of the EU commission. The monthly survey results are based on more than 2000 consumer interviews. It is one of the most closely watched surveys in Europe.
On Friday it was revealed the GfK survey rose to a 16-month high in October, with the index advancing to 4.3 from a revised reading of 3.8 in the previous month. (Survey results are quantified where 0 represents long term Consumer Confidence averages. The headline figure is expressed as percentage change.) This data indicates an improved outlook for the region as the economy emerges from the worst recession since World War 2.
The Bundesbank president Axel Weber is cautiously optimistic while anticipating economic activity to remain subdued through next year. He cites rising unemployment and fears of a protracted recovery as factors that may slow the economic recovery of Europe’s largest economy. Factors it appears Merkel intends to ameliorate, should she still be Chancellor by the time you read this. An Iron Chancellor perhaps?
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