With a new term for Merkel, Germany and Europe can breathe a sigh of relief.
Even if the SPD votes against joining a new “GroKo” government, the damage which prolonged political uncertainty in Berlin would inflict on Germany and Europe would be very limited.
Germany will continue to gradually slip from the top to the upper middle ranks of the growth league of major European countries. Its current golden decade will end in the 2020s.
Germany’s current political contortions will likely end with a fourth term for Merkel.