INTERNATIONAL: Social Democrat Olaf Scholz has sworn in as Germany's next chancellor by parliament on Wednesday, shortly after deputies have elected him to succeed Angela Merkel. Wednesday's ceremony in the Bundestag ended 16 years of conservative rule under Angela Merkel and has paved the way for a pro-European coalition government that has promised to boost green investment.

Newly sworn-in German Chancellor Olaf Scholz has officially taken over Berlin's chancellery from Angela Merkel on Wednesday and handed him over "one of the most beautiful jobs that exist." The 63-year-old Olaf Scholz, who served as vice chancellor and finance minister in coalition with Merkel, earlier got a clear majority of 395 votes from lawmakers in the Bundestag lower house of parliament.

During the half hour ceremony, Merkel, without showing any emotions, told Scholz "I know from personal experience that it's a moving moment to be elected to this post." Scholz thanked Merkel for her work during the past sixteen years and told her their collective experience "for so long will help me" in the new position.

Scholz is an experienced negotiator and veteran politician who as SPD party secretary general from 2002 until 2004 defended controversial labour market reforms and social welfare cuts under former Chancellor Gerhard Schroeder.

As labour minister from 2007-2009 in Merkel's first ruling coalition, Scholz pushed for a generous short-time work scheme that helped protect millions of workers from the fallout of the global financial crisis. After being mayor of Hamburg from 2011-2018, Scholz returned to Berlin as Merkel's finance minister - a role in which he got rid of the goal of balanced budgets and enabled record new borrowing to shield companies and employees from the impact of the coronavirus pandemic.

On the European level, he worked closely with France and persuaded Merkel to support a debt-financed European Recovery Fund worth $900 billion to help EU member states hit hardest by COVID-19.

^{PHOTO: GERMAN PARLIAMENT PRESIDENT BAERBEL BAS SWEARING IN OLAF SCHOLZ AS NEXT GERMAN CHANCELLOR}