The Wall Street Journal: Angela Merkel Begins 4th Term As German Chancellor After Most Complicated Coalition-building Since WWII

BERLIN—Angela Merkel on Wednesday finally began her fourth, and likely final, term as German chancellor.

The lawmakers’ vote bookends the country’s longest and most complicated coalition-building exercise in post-War history, nearly six months after a general election that delivered a fractured parliament and no obvious ruling majority.

The decision, with 364 ballots out of 692 votes cast, gives Merkel’s government, to be sworn in later Wednesday, a comfortable majority in the Bundestag, parliament’s lower house, which she will need to tackle an accumulating list of international and domestic challenges.

It also ends a period of political hibernation for Europe’s largest economy and the longest-serving of the continent’s current leaders. Since Merkel and her contenders launched her electoral campaign last summer, Germany has had a “do not disturb” sign on its door.

Close allies such as French President Emmanuel Macron and British Prime Minister Theresa May have had to wait as Merkel’s first attempt to form a coalition collapsed last October, forcing her into last-ditch talks with her former ruling partners and ideological rivals in the center-left Social Democratic Party.

An expanded version of this report appears on WSJ.com.

Popular on WSJ.com:

Trump’s personal assistant fired over security issue

‘Rex, eat the salad’: Inside the awkward relationship between Rex Tillerson and Donald Trump

RECENT NEWS

Gyrostat Capital Management: The Hidden Architecture Of Consequences

When Structures Themselves Become A Risk In portfolio construction, risk is rarely where we look for it.... Read more

Gyrostat November Outlook: The Rising Cost Of Doing Nothing

Through the second half of 2025, markets have delivered a curious mix of surface tranquillity and instabi... Read more

Gyrostat Capital Management: Blending Managers - From Style Diversification To Scenario Diversification

The Limits of Traditional Diversification For decades, portfolio construction has ... Read more

Gyrostat October Outlook: Beneath The Calm, The Cost Of Protection Rises

 Even as global equity indices remain near record highs, the pricing of risk is shifting quietly ben... Read more

Gyrostat Capital Management: Solving The Nastiest Problem In Finance

Retirement Income and Sequencing Risk Executive Summary ... Read more