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By Dr. Thomas GITZEL, Chief Economist, VP Bank Group
The good news first: Germany will soon have a government again. After the unexpected clear "yes" of the SPD members to the new edition of a grand coalition is now missing only the formal act.
While the coalition agreement can be discussed controversially, a grand coalition is a good signal for Europe. Emmanuel Macron has now joined forces with the new German government for a European deepening. Especially in view of the outcome of the Italian parliamentary elections, this is extremely important.
And thus the bad news. In Italy, Europe-critical and right-wing parties have clearly become winners. The fact that the five-star movement is the strongest force does not surprise anyone....
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