Agreement on the broad outlines of a "grand coalition" of the left and right to rule Germany for the next four years has emerged surprisingly quickly. Angela Merkel will be chancellor as leader of the larger party - the Christian Democratic Union with their Bavarian sister-party, the Christian Social Union. In exchange, the centre-left Social Democratic party will nominate the vice-chancellor and a majority of the departmental portfolios in the new cabinet. It is a relief that they have reached a deal so relatively painlessly. The concern must be that the price, not least for Ms Merkel, will prove to have been high.

On the face of it, the SPD seems to have won the more substantial portfolios, with finance and foreign affairs topping their list of eight major ministries, which will include health and labour, two vital areas of reform, plus transport, the environment, development and justice. The CDU/CSU will get the economy ministry, including responsibility for technology, plus defence, internal affairs, education, pensions and agriculture.