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The upcoming election of Germany will be critical for the stability of the country and the European Union. Experts from the European House Ambrosetti Forum told this to the media. It is coming as a poll point with several various possible outcomes.

“It is not a normal election,” Lars Feld, director of the Walter Eucken Institut, a German think tank, told CNBC’s, Steve Sedgwick. “We don’t have the incumbent, we don’t have someone defending office, and therefore everybody has a good chance to become chancellor.”

This election of 26th September will mark the end of the tenure of Angela Market as a German chancellor for more than 16 years of power. During the start of this election campaign, the successor, Armin Laschet, is looking more on track to become the next chancellor.

His lead is facing challenges from various fronts. The appointment of Annalena Baerbock as the Green Party candidate and Olaf Scholz, the head of the socialist party, are also in the queue.

This latest projection is indicating a victory for Scholz’s SPD with 24% of votes. He is getting the follow-up with the conservative alliance with 21% and the Green party with 17%. Political experts say that at least three coalitions are possible to happen as per the given current polls.

It might take three, four, five months this time as they will have a coalition with three parties. It will not be easier to bring them together.

As the country gets its new chancellor, there will be stability again. Political stability in Germany is very important for the country. Also, it is highly important for the wider European Union. Germany is the current leading economy of the bloc. It is having a significant influence on the political direction that 27 member states took.

Germany played an important role in last year’s decision to issue a common European debt to support its bloc during the pandemic-related crisis. Everybody got to know the incredible power of Europe and the European Commission, even if there are many bureaucratic biases and difficulties.

The EU, next Generation plan, came up with a great speed with an incredible dimension. The plan is also referred to as a Next Generation EU or even a ‘corona bond’. It is about to rise to 800 billion euros. It had already started to get deployed across 27 nations.

The idea of common debt across the EU is quite controversial. More conservative nations are skeptical about the support of highly indebted countries. But it has overcome hesitancy during the wake of the pandemic.

Credits: CNBC

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