In the USA, the tribune of the people Donald Trump will once again come to power. In Germany, the traffic light government collapsed. These events mark a turning point for both continents and their relationship.

The policy of shifting debt to the European level will only convince the financial markets in the long term if large eurozone countries with a sound fiscal policy serve as collateral

Due to the AfD's inability to form a coalition, it is likely that every vote for the AfD will increase the likelihood of a left-of-center government in the next general election.

Sound public finances are a security policy factor. Without sound public finances, military capabilities cannot be maintained in the long term. In addition, excessive government debt can trigger monetary crises.

Wall Street seems to have made its peace with Trump. But will the current valuations hold if inflation becomes more stable as a result of Trump's tariff policy? The Fed will not be able to ignore this in its interest rate decisions.

Macron could try to pass laws with changing majorities. It is unlikely that new debt can be limited in this way. The reactions of the EU and the bond market will keep us busy.