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The Social Democratic Party (SPD) has announced that Lars Klingbeil will become Germany’s new finance minister in the upcoming centrist coalition government, succeeding Joerg Kukies.
In addition to this role, Klingbeil will also serve as vice chancellor.
“The committee today has officially assigned Lars Klingbeil to the vice chancellorship and appointed him as the federal finance minister,” said Matthias Miersch, the SPD’s general secretary, during a Wednesday press briefing, as translated by CNBC.
Klingbeil is tasked with forming the remaining members of the SPD team for the new coalition by early next week, following a vote by SPD members that approved the coalition agreement with the Christian Democratic Union (CDU) and its sister party, the Christian Social Union (CSU).
At 47 years old, Klingbeil is a seasoned SPD member, though he lacks extensive experience in financial matters. He has been co-leader of the party since 2021 and was elected head of the SPD parliamentary faction in early 2025. Previously, he served as the party’s general secretary for several years.
His political journey includes working in constituency offices for various parliament members, including former chancellor Gerhard Schröder, and holding leadership positions within the SPD’s youth organization, along with taking on various regional political roles.
Klingbeil is generally seen as aligned with the more moderate faction of the SPD. He has advocated for increasing the minimum wage and reforming Germany’s pension system in recent discussions, and has also expressed openness to the possibility of higher taxes. Additionally, he supports military enhancement and infrastructure modernization, while criticizing the tariff policies of former U.S. President Donald Trump.
Interestingly, Klingbeil is a passionate musician, reportedly playing guitar in rock bands for years, and he serves on the advisory board for FC Bayern Munich, a club he has long been a fan of.
Other key appointments in the new government include Katherina Reiche as economy minister and Johann Wadephul as foreign minister, who will represent the CDU in the administration.
The CDU-CSU coalition emerged as the winning party in Germany’s federal elections held in February, resulting in CDU leader Friedrich Merz set to become chancellor. He is expected to officially take on this role early next week following a scheduled vote.
These elections occurred earlier than initially planned due to the dissolution of the previous governing alliance amid disputes over budgetary and economic policies.
This breaking news story is being updated.
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