At the special press conference in Berlin, German Federal Chancellor announced her intention to leave the post of chairwoman of the Christian Democratic Union. In addition, to everyone's surprise, Angela Merkel confirmed that she would not run for re-election as chancellor. “This fourth term is my last as German chancellor. At the federal election in 2021, I will not stand again as chancellor candidate, nor as a candidate for the Bundestag, and ... I won’t seek any further political offices,” Merkel said.
An unexpected announcement of Merkel’s withdrawal resulted in the decline in the value of the euro. Germany is the leading economy in the eurozone and in Europe as a whole; for that very reason, the single currency is so sensitive to significant events in Germany. The end of Angela Merkel’s era is more than a significant event. Traders need to closely monitor developments in Germany and be ready for further currency depreciation.
Former pioneer and Komsomol member of East Germany, physicist and chemist Angela Dorothea Merkel has been chair of the Christian Democratic Union since April 10, 2000, and head of the Government since November 22, 2005. The last thing that affected Chancellor’s decision appeared to be the election results in the Federal State of Hessen, where the CDU won the election, but lost 11.3 percent of the vote compared to the previous one.
