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Wolfgang Schäuble, Architect of Austerity, Is Out as Germany’s Finance Minister Wolfgang Schäuble, Architect of Austerity, Is Out as Germany’s Finance Minister
(35 minutes later)
FRANKFURT — Wolfgang Schäuble, a dominant figure in German politics who was reviled in countries like Greece for his advocacy of austerity during the eurozone debt crisis, will leave his powerful post as finance minister to become speaker of the German Parliament, his party said on Wednesday.FRANKFURT — Wolfgang Schäuble, a dominant figure in German politics who was reviled in countries like Greece for his advocacy of austerity during the eurozone debt crisis, will leave his powerful post as finance minister to become speaker of the German Parliament, his party said on Wednesday.
While the move is ostensibly a promotion, the speaker’s job is in reality less powerful than the cabinet position Mr. Schäuble has occupied since 2009, which gave him more influence than many European heads of government. His departure was prompted by national elections on Sunday in which his party, the Christian Democrats, came in first but nonetheless lost ground. While the move is ostensibly a promotion, the speaker’s job is in reality less powerful than the cabinet position Mr. Schäuble has occupied since 2009, which gave him more influence than many European heads of government. His departure was prompted by national elections on Sunday in which the Christian Democrats — his party, and that of Chancellor Angela Merkel — came in first but nonetheless lost ground.
Though a staunch advocate of European unity, Mr. Schäuble was widely criticized, and even vilified, for insisting that Greece and other eurozone members make drastic cuts in public spending after markets lost confidence in their ability to pay their debts. Many economists blamed the austerity policies for prolonging the economic agony that Greece continues to suffer.Though a staunch advocate of European unity, Mr. Schäuble was widely criticized, and even vilified, for insisting that Greece and other eurozone members make drastic cuts in public spending after markets lost confidence in their ability to pay their debts. Many economists blamed the austerity policies for prolonging the economic agony that Greece continues to suffer.
As the president of the Bundestag, Mr. Schäuble will ostensibly be Germany’s second highest official, just behind the president, Frank-Walter Steinmeier, and ahead of the chancellor, Angela Merkel. As the president of the Bundestag, Mr. Schäuble will ostensibly be Germany’s second highest official, just behind the president, Frank-Walter Steinmeier, and ahead of the Ms. Merkel.
The new position was confirmed by Volker Kauder, chairman of the Christian Democrats’ parliamentary bloc.The new position was confirmed by Volker Kauder, chairman of the Christian Democrats’ parliamentary bloc.
Mr. Schäuble, 75, has been a fixture in German politics for more than 40 years, dating to the period when Helmut Kohl was chancellor and Germany was still divided between East and West.Mr. Schäuble, 75, has been a fixture in German politics for more than 40 years, dating to the period when Helmut Kohl was chancellor and Germany was still divided between East and West.
A consummate political survivor who even managed to see off a 1990 attempt on his life, he overcame an earlier rivalry with Angela Merkel, who has been chancellor since 2005, to become the most important member of her cabinet. A consummate political survivor who even managed to see off a 1990 attempt on his life, he overcame an earlier rivalry with Ms. Merkel, who has been chancellor since 2005, to become the most important member of her cabinet.
Blunt speaking yet affable, Mr. Schäuble often topped her in opinion polls. His insistence on balanced budgets, though criticized by economists, was extremely popular with debt-averse Germans. Blunt yet affable, Mr. Schäuble often rated higher than Ms. Merkel in opinion polls. His insistence on balanced budgets, though criticized by economists, was extremely popular with debt-averse Germans.
As president of the Bundestag, the lower and more powerful house of the federal Parliament, Mr. Schäuble will oversee parliamentary sessions and be responsible for keeping order. That may not be an easy job. Following the Sunday elections, six parties will be represented in Parliament, including the far-right Alternative for Germany, which has vowed to be a disruptive force.As president of the Bundestag, the lower and more powerful house of the federal Parliament, Mr. Schäuble will oversee parliamentary sessions and be responsible for keeping order. That may not be an easy job. Following the Sunday elections, six parties will be represented in Parliament, including the far-right Alternative for Germany, which has vowed to be a disruptive force.