Commentary on Political Economy

Wednesday, 2 March 2022


Merkel’s legacy is in ruins, and a good thing too

Former chancellor’s caution and compromise brought disaster but Scholz’s stunning reversal will help revive Europe

The Times

Angela Merkel’s monument, the embodiment of her calamitous tenure as chancellor, lies in the Baltic Sea. Nord Stream 2 was the pipeline that was going to deliver fresh supplies of gas from Russia to Germany. How appropriate then that it went bust yesterday. The Swiss-based firm owned by Gazprom, the Russian energy giant, has denied that it is technically bankrupt but has fired its staff. And its sole customer, Germany, won’t be using the pipeline. The project is in ruins, and with it the reputation of Angela Merkel.

It was Merkel who stressed year after year that it was fine to become reliant on Russian gas, smoothing German industry’s transition to greener energy decades down the line. 

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