Election fever

Germany’s long election campaign presents a danger, writes the Financial Times. It may prevent critical decisions needed now to confront the economic crisis.

Financial Times

Germany’s next general election may be five months away, but campaign fever is already gripping the country. Last weekend, Frank-Walter Steinmeier, the country’s Social Democratic foreign minister, launched his campaign to be the country’s next chancellor. It is only a matter of weeks now before Angela Merkel, the current chancellor and Christian Democratic leader, formally launches her own campaign to stop Mr Steinmeier getting the top job. …

Mr Steinmeier has launched his campaign with a tactical shift to the left, pledging to raise taxes on the rich and to boost education spending. He clearly hopes to exploit the intense anti-capitalist sentiment generated by the financial crisis. But both he and Ms Merkel reject growth-boosting fiscal initiatives of the kind adopted by Britain and the US. In short, the centre-left and centre-right are not offering voters “clear blue water” when it comes to policy.

Still, the length of this election campaign presents one danger. It may force ministers to avoid taking critical decisions needed to confront the economic crisis. Ms Merkel must soon decide whether the government will take over toxic assets held by the country’s leading banks – and to what extent. This is an important decision but a potentially unpopular one which may land taxpayers with a huge bill. The hope must be that Ms Merkel dismisses the election fever and takes decisions in the national interest.