The first “grand coalition” government in Germany’s postwar history was formed in 1966 to address an unexpected economic downturn, amid concerns over a nascent neo-Nazi far right. Nearly six decades later, as the Christian Democratic Union (CDU) and the Social Democratic party (SPD) prepare to join forces across the right-left divide for the fifth time, following February’s snap election, the circumstances are superficially similar. The scale of the challenges, however – and the sense of jeopardy – are of a different order. As geopolitical events have undermined its trade?led business model, the German economy has been undergoing the most prolonged...