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Friedrich Merz, poised to become Germany’s next chancellor (prime minister), warns he is “very worried” the European Union (EU) is barreling toward another financial crisis, blaming excessive debt. “We can’t play fast and loose with public finances like some others do—and even those others are starting to alarm me,” said the nominally conservative politician of the Christian Democratic Union (CDU) formerly led by Angela Merkel.
Six EU nations—France, Italy, Greece, Belgium, Spain, and Portugal—carry debt loads exceeding their annual economic output. “A financial crisis is coming, no question,” Merz told POLITICO. “It’ll hit as a sovereign debt crisis. We can’t pinpoint the when or the where, but it’s on its way.”
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Germany is just five days from a general election. Merz’s party is expected to win first place comfortably, with the right-populist Alternative for Germany (AfD) party in second, ahead of the governing Social Democrats and their current and former coalition partners in the Green