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Merkel's New Finance Chief Is Dubbed Fiscal Hawk in Berlin Debut

  • Social Democrat Scholz holds key to selling Commerzbank stake
  • Risk of party conflict in German chancellor’s new cabinet
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Why Olaf Scholz is pro-Europe. Bloomberg’s Birgit Jennen reports.(Source: Bloomberg)
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Germany’s designated Finance Minister Olaf Scholz is a middle-of-the-road pragmatist much like Chancellor Angela Merkel, but his party’s demand for bold steps to strengthen the euro area risks leading to conflict.

Scholz, mayor of Hamburg and acting head of Germany’s Social Democrats, is about to be thrust to the center of the debate about Europe’s future and attempts by leaders in Berlin and Paris to work out a road map. SPD leaders presented Scholz on Friday among their cabinet picks for Merkel’s fourth term.