For Angela Merkel, the German chancellor, and Frank-Walter Steinmeier, her deputy, coalition partner and the man who will challenge her at this year’s general election, the €49.25bn ($65.5bn, £44bn) fiscal stimulus unveiled on Tuesday marked a high point in the work of the “grand coalition”.

For Mr Steinmeier, a Social Democrat, no other alliance than this government of national unity could have achieved so fine a balance between consumption-boosting measures, long-term investments and assurances that the government will quickly revert to fiscal discipline.