Germany’s Merz elected chancellor in second parliamentary vote after unexpected setback-OxBig News Network

Friedrich Merz was elected as Germany’s chancellor in a second-round parliamentary vote on Tuesday, after failing to secure the necessary support earlier in the day.

Merz needed at least 316 of the 630 members of parliament to vote in his favor. He received 325 votes.

The German Dax stock market index pared losses after the result of the second vote. It was 0.4% lower by 3:22 p.m. London time.

Merz has been widely expected to become the leader of Europe’s largest economy following Germany’s federal election in February. His party, the center-right Christian Democratic Union, with its affiliate the Christian Social Union, secured the biggest share of votes at the time.

They are expected to form a coalition government with the center-left Social Democratic Party, which placed third in the election. The parties on Monday formally signed their coalition agreement following weeks of negotiations that began soon after the election. 

The coalition agreement outlines plans for policies including migration, changes to tax rules for individuals and businesses, and social security measures such as the minimum wage.

This breaking news story will be updated.