Peer Steinbrück
Encyclopedia
Peer Steinbrück is a German
social democratic
politician. From 2005 to 2009 he served as German Federal Minister of Finance
in the cabinet of Angela Merkel
.
of the Bundeswehr
, Steinbrück studied economics
in Kiel
. He graduated in 1974.
After graduation Steinbrück worked for several German ministries and, from 1978 to 1981, in the office of then German Chancellor
Helmut Schmidt
. In the 1980s, Steinbrück was Chief of Staff to the Minister President of North Rhine-Westphalia
, Johannes Rau
.
In 1993, he became Minister of Economy and Infrastructure in the State of Schleswig-Holstein
. He then returned to North Rhine-Westphalia, where he became Minister of Economy and Infrastructure in 1998 and Finance Minister in 2000.
From 2002 to 2005, Peer Steinbrück served as Minister President (Ministerpräsident) of North Rhine-Westphalia
. He headed a coalition government between the SPD and the Green Party
.
In the state election
on May 22, 2005 Steinbrück's SPD lost to the Christian democratic (CDU)
opposition. This loss also had consequences for federal politics: then German Chancellor Gerhard Schröder
, who already was enfeebled by weak opinion polls and criticism within his own party, announced to call for an early federal election for the Bundestag
. This ultimately resulted in the German federal election, 2005
.
under the leadership of new Chancellor Angela Merkel
(CDU). Peer Steinbrück became finance minister of Germany. Since 2005, he also has been deputy chairman of the SPD
. He is generally considered a member of the more conservative wing of the party.
In December 2008, Steinbrück controversially attacked the British Keynesian approach to economic policy in an interview with Newsweek
. He raised scepticism about the effectiveness of large fiscal stimulus packages and criticised the resulting increase in public debt.
Steinbrück also was a sharp critic of the Swiss banking secrecy
, which in 2009 caused some tensions between Germany and Switzerland.
In a 2010 interview on German television, it appeared that the former minister, who had adopted a very critical stance of the shadow banking system
, attributed characteristics of the private equity industry to hedge funds.
) since 2009. He has been a prominent speaker for the SPD, especially on economic matters. He is considered to be the most probable opposition candidate for Bundeskanzler
, in the 2013 elections. As of August 2011, he is according to the opinion polls the most popular politician in Germany, ahead of Angela Merkel.
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
social democratic
Social Democratic Party of Germany
The Social Democratic Party of Germany is a social-democratic political party in Germany...
politician. From 2005 to 2009 he served as German Federal Minister of Finance
Federal Minister of Finance (Germany)
The Federal Ministry of Finance is part of the German federal government and is responsible for managing the federal budget. The finance minister is the only minister who can veto a decision of the government if it would lead to additional expenditure...
in the cabinet of Angela Merkel
Angela Merkel
Angela Dorothea Merkel is the current Chancellor of Germany . Merkel, elected to the Bundestag from Mecklenburg-Vorpommern, has been the chairwoman of the Christian Democratic Union since 2000, and chairwoman of the CDU-CSU parliamentary coalition from 2002 to 2005.From 2005 to 2009 she led a...
.
Early political career, Minister President
After having been trained as an officer of the reserveReservist
A reservist is a person who is a member of a military reserve force. They are otherwise civilians, and in peacetime have careers outside the military. Reservists usually go for training on an annual basis to refresh their skills. This person is usually a former active-duty member of the armed...
of the Bundeswehr
Bundeswehr
The Bundeswehr consists of the unified armed forces of Germany and their civil administration and procurement authorities...
, Steinbrück studied economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
in Kiel
Kiel
Kiel is the capital and most populous city in the northern German state of Schleswig-Holstein, with a population of 238,049 .Kiel is approximately north of Hamburg. Due to its geographic location in the north of Germany, the southeast of the Jutland peninsula, and the southwestern shore of the...
. He graduated in 1974.
After graduation Steinbrück worked for several German ministries and, from 1978 to 1981, in the office of then German Chancellor
Chancellor of Germany
The Chancellor of Germany is, under the German 1949 constitution, the head of government of Germany...
Helmut Schmidt
Helmut Schmidt
Helmut Heinrich Waldemar Schmidt is a German Social Democratic politician who served as Chancellor of West Germany from 1974 to 1982. Prior to becoming chancellor, he had served as Minister of Defence and Minister of Finance. He had also served briefly as Minister of Economics and as acting...
. In the 1980s, Steinbrück was Chief of Staff to the Minister President of North Rhine-Westphalia
North Rhine-Westphalia
North Rhine-Westphalia is the most populous state of Germany, with four of the country's ten largest cities. The state was formed in 1946 as a merger of the northern Rhineland and Westphalia, both formerly part of Prussia. Its capital is Düsseldorf. The state is currently run by a coalition of the...
, Johannes Rau
Johannes Rau
Johannes Rau was a German politician of the SPD. He was President of Germany from 1 July 1999 until 30 June 2004, and Minister-President of North Rhine-Westphalia from 1978 to 1998.-Education and work:...
.
In 1993, he became Minister of Economy and Infrastructure in the State of Schleswig-Holstein
Schleswig-Holstein
Schleswig-Holstein is the northernmost of the sixteen states of Germany, comprising most of the historical duchy of Holstein and the southern part of the former Duchy of Schleswig...
. He then returned to North Rhine-Westphalia, where he became Minister of Economy and Infrastructure in 1998 and Finance Minister in 2000.
From 2002 to 2005, Peer Steinbrück served as Minister President (Ministerpräsident) of North Rhine-Westphalia
North Rhine-Westphalia
North Rhine-Westphalia is the most populous state of Germany, with four of the country's ten largest cities. The state was formed in 1946 as a merger of the northern Rhineland and Westphalia, both formerly part of Prussia. Its capital is Düsseldorf. The state is currently run by a coalition of the...
. He headed a coalition government between the SPD and the Green Party
Alliance '90/The Greens
Alliance '90/The Greens is a green political party in Germany, formed from the merger of the German Green Party and Alliance 90 in 1993. Its leaders are Claudia Roth and Cem Özdemir...
.
In the state election
North Rhine-Westphalia state election, 2005
The North Rhine-Westphalia state election, 2005, was conducted on May 22, 2005, to elect members to the Landtag of North Rhine-Westphalia in Germany...
on May 22, 2005 Steinbrück's SPD lost to the Christian democratic (CDU)
Christian Democratic Union (Germany)
The Christian Democratic Union of Germany is a Christian democratic and conservative political party in Germany. It is regarded as on the centre-right of the German political spectrum...
opposition. This loss also had consequences for federal politics: then German Chancellor Gerhard Schröder
Gerhard Schröder
Gerhard Fritz Kurt Schröder is a German politician, and was Chancellor of Germany from 1998 to 2005. A member of the Social Democratic Party of Germany , he led a coalition government of the SPD and the Greens. Before becoming a full-time politician, he was a lawyer, and before becoming Chancellor...
, who already was enfeebled by weak opinion polls and criticism within his own party, announced to call for an early federal election for the Bundestag
Bundestag
The Bundestag is a federal legislative body in Germany. In practice Germany is governed by a bicameral legislature, of which the Bundestag serves as the lower house and the Bundesrat the upper house. The Bundestag is established by the German Basic Law of 1949, as the successor to the earlier...
. This ultimately resulted in the German federal election, 2005
German federal election, 2005
German federal elections took place on 18 September 2005 to elect the members of the 16th German Bundestag, the federal parliament of Germany. They became necessary after a motion of confidence in Chancellor Gerhard Schröder failed on 1 July...
.
German Finance Minister
After the 2005 Bundestag election, SPD and CDU formed a grand coalitionGrand coalition
A grand coalition is an arrangement in a multi-party parliamentary system in which the two largest political parties of opposing political ideologies unite in a coalition government...
under the leadership of new Chancellor Angela Merkel
Angela Merkel
Angela Dorothea Merkel is the current Chancellor of Germany . Merkel, elected to the Bundestag from Mecklenburg-Vorpommern, has been the chairwoman of the Christian Democratic Union since 2000, and chairwoman of the CDU-CSU parliamentary coalition from 2002 to 2005.From 2005 to 2009 she led a...
(CDU). Peer Steinbrück became finance minister of Germany. Since 2005, he also has been deputy chairman of the SPD
Social Democratic Party of Germany
The Social Democratic Party of Germany is a social-democratic political party in Germany...
. He is generally considered a member of the more conservative wing of the party.
In December 2008, Steinbrück controversially attacked the British Keynesian approach to economic policy in an interview with Newsweek
Newsweek
Newsweek is an American weekly news magazine published in New York City. It is distributed throughout the United States and internationally. It is the second-largest news weekly magazine in the U.S., having trailed Time in circulation and advertising revenue for most of its existence...
. He raised scepticism about the effectiveness of large fiscal stimulus packages and criticised the resulting increase in public debt.
Steinbrück also was a sharp critic of the Swiss banking secrecy
Banking in Switzerland
All banks in Switzerland are regulated by Swiss Financial Market Supervisory Authority , which derives its authority from a series of federal statutes...
, which in 2009 caused some tensions between Germany and Switzerland.
In a 2010 interview on German television, it appeared that the former minister, who had adopted a very critical stance of the shadow banking system
Shadow banking system
The shadow banking system is the infrastructure and practices which support financial transactions that occur beyond the reach of existing state sanctioned monitoring and regulation. It includes entities such as hedge funds, money market funds and Structured investment vehicles...
, attributed characteristics of the private equity industry to hedge funds.
MP and potential alternative to Angela Merkel
Peer Steinbrück is a Member of Parliament (BundestagBundestag
The Bundestag is a federal legislative body in Germany. In practice Germany is governed by a bicameral legislature, of which the Bundestag serves as the lower house and the Bundesrat the upper house. The Bundestag is established by the German Basic Law of 1949, as the successor to the earlier...
) since 2009. He has been a prominent speaker for the SPD, especially on economic matters. He is considered to be the most probable opposition candidate for Bundeskanzler
Bundeskanzler
Bundeskanzler or Bundeskanzlerin may refer to:*Chancellor of Germany , the head of the German federal government*Chancellor of Austria, the head of the Austrian federal government...
, in the 2013 elections. As of August 2011, he is according to the opinion polls the most popular politician in Germany, ahead of Angela Merkel.