Peer Steinbrück

Peer Steinbrück
www.dts-nachrichtenagentur.de · Attribution · source
Name	Peer Steinbrück
Caption	Steinbrück in 2013
Office	Federal Minister of Finance
Chancellor	Angela Merkel
Term start	22 November 2005
Term end	28 October 2009
Predecessor	Hans Eichel
Successor	Wolfgang Schäuble
Office1	Minister-President of North Rhine-Westphalia
Term start1	6 November 2002
Term end1	22 June 2005
Predecessor1	Wolfgang Clement
Successor1	Jürgen Rüttgers
Party	Social Democratic Party
Birth date	10 January 1947
Birth place	Hamburg, Allied-occupied Germany
Alma mater	University of Kiel

Peer Steinbrück is a German politician of the Social Democratic Party of Germany (SPD) who served as the Minister-President of North Rhine-Westphalia and later as the Federal Minister of Finance in the first grand coalition government under Chancellor Angela Merkel. He is best known for his role in managing the global financial crisis and for being the SPD's Chancellor-candidate in the 2013 federal election, which he lost to Merkel. A trained economist, Steinbrück's career has been marked by his pragmatic, centrist approach within the SPD and his often outspoken public commentary.

Early Life and Education

Peer Steinbrück was born in Hamburg in the British zone of Allied-occupied Germany. He completed his Abitur in 1968 and subsequently performed his compulsory military service in the Bundeswehr. He then studied economics and sociology at the University of Kiel, graduating with a degree in economics. His early professional experience included working as a research assistant at the Kiel Institute for the World Economy, an influential economic think tank.

Career

Before entering full-time politics, Steinbrück worked in public administration and policy research. He served in the Schleswig-Holstein state government, holding positions in the State Ministry of Economics and the State Chancellery under Minister-President Björn Engholm. He later moved to the Federal Ministry of Research and Technology in Bonn, where he worked on technology and innovation policy. This technocratic background in economic and research policy shaped his later political focus on fiscal stability and industrial modernization.

Political Career

Steinbrück's political ascent began in earnest when he was appointed Minister of Economics for North Rhine-Westphalia in 1998 by Minister-President Wolfgang Clement. Following Clement's move to the federal government, Steinbrück succeeded him as Minister-President of North Rhine-Westphalia in 2002. His tenure was marked by efforts to reform the state's finances and industrial policy, though the SPD lost power in the 2005 state election to the CDU under Jürgen Rüttgers. After the 2005 federal election, he entered the national cabinet of Angela Merkel as Federal Minister of Finance.

In this role, Steinbrück gained international prominence during the global financial crisis. He was a key architect of Germany's response, including the implementation of a significant economic stimulus package and the establishment of a financial market stabilization fund. He worked closely with international counterparts like Timothy Geithner of the United States and Alistair Darling of the United Kingdom, and was involved in major summits such as the G20 London Summit. His pragmatic, market-oriented approach sometimes put him at odds with more left-wing elements of his own SPD.

Chancellor Candidate

In September 2012, the SPD nominated Steinbrück as its Chancellor-candidate to challenge incumbent Angela Merkel in the 2013 federal election. His campaign focused on social justice, tax reform, and criticism of Merkel's handling of the European debt crisis. However, the campaign faced difficulties, including controversies over his high earnings from public speaking and perceived gaffes. The SPD, in coalition with The Greens, achieved a respectable result but fell far short of defeating Merkel's CDU/CSU bloc. Following the election, he did not join the new grand coalition government.

Later Life and Career

After the 2013 election defeat, Steinbrück largely withdrew from frontline politics. He has remained an active public intellectual, authoring books on economic policy and European affairs, and frequently contributing commentary to media outlets like Der Spiegel and Die Zeit. He serves on several advisory boards and continues to be a vocal critic within the SPD, advocating for centrist, reform-oriented policies. He has also been involved with institutions like the German Council on Foreign Relations and has received honors including the Grand Cross 1st Class of the Order of Merit of the Federal Republic of Germany.

Category:1947 births Category:Living people Category:Social Democratic Party of Germany politicians Category:Finance ministers of Germany Category:Government ministers of North Rhine-Westphalia