Angela Merkel has won again in Germany. She now embarks on her third term as chancellor. Although some ambiguity still surrounds the nature of the country's new government, investors can take comfort that Berlin, under Merkel, should continue its support for Europe.

Germany would likely have remained a buttress, even if less openly supportive parties had done better in the vote. The country simply has too large an economic and financial stake in the European Union and the common currency, the euro, to do anything else. This stake, more than any political ideals, promises to keep the EU together.

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