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Of the three key elections for the future of the Eurozone in the coming years—the German general election and the presidential elections in Italy and France in the first half of 2022—the first ended last week with the appointment of Olaf Scholz as chancellor.

The election results show a very open electoral landscape—with a narrow victory by the SPD. These elections are important because they signal the start of an electoral cycle in the major European countries, within a context plagued with problems needing to be resolved.

The last few days have been filled with important events for the future of Europe, with positive and negative news at the same time, and an outcome that will depend a lot on the negotiations in the coming months.