more now on germany, where its new chancellor olaf scholz will be sworn in as leader of europe s largest economy later today. he will be the first social democrat in the job for 16 years and has promised to modernise the country. among the raft of measures to get the german people on side is a promise to raise the minimum wage to 12 euros, which is almost a two and half euro increase. this would give some 10 million germans an instant pay rise. he s also announced plans to build 400 thousand new homes a year, which is 100 thousand more than previously planned, and guarantee stable pension levels. so will 0laf scholz deliver and what challenges does he face? carsten brezeski is global head of macro research at ing.