In a recent discussion on the “German Election Results: Shaping Europe's Future?” insights were shared by Anna Rosenberg, Head of Geopolitics at Amundi Investment Institute; Thomas Kruse, CIO Amundi Germany; and esteemed guest, Günther H. Oettinger, Former European Commissioner and Member of the Supervisory Board at Amundi Germany.  

Our experts conducted an in-depth analysis of the political shifts, economic outlook, and investor expectations for the coming months as Germany embarks on a new political era.  

Key takeaways

  • Germany's February 23rd elections saw a record-breaking turnout, the highest since unification in 1990. 

  • The centre-right CDU/CSU won with 28.6% of the votes, positioning CDU leader Friedrich Merz to be the next Chancellor. His first task is to form a coalition government. 

  • Negotiations with the Social Democrats, who came third with 16.4% of the vote, will focus on fiscal reform and domestic policies. 

  • A change in fiscal stance, with more defence spending, is likely but may not lead to a major stimulus. 

  • Reforming Germany’s debt brake or creating a special fund will take time due to a blocking minority, making it unlikely to affect growth before 2026.   

Access the full playback of our webinar along with our recently published Investment Talks paper, providing further insight into potential market shifts and policy implications.  

Watch the playback

20250225 German Election Results Replay