Berlin, Germany – Former German finance minister Wolfgang Schäuble, who played a critical role in navigating the eurozone through the debt crisis, has passed away at the age of 81. Schäuble, a member of the Bundestag for 51 years, was known for his influential role in negotiating the reunification of Germany after the fall of the Berlin Wall in 1989. He survived an assassination attempt and was an advocate for the move of the reunified country’s capital from Bonn to Berlin.

Schäuble, a member of the conservative CDU party, signed the reunification treaty in 1990 shortly before he was shot and subsequently used a wheelchair for the rest of his life. He later served as interior minister and finance minister, where he focused on creating a balance in the German budget. His efforts led to the achievement of Germany’s “schwarze Null” or black zero budget deficit in 2014 and he was recognized for his role in the adoption of austerity policies in response to the eurozone debt crisis that began in 2008.

His stance on the eurozone crisis included a proposal for a Greek “time-out” from the euro, which was rejected by Athens. As Greece faced multiple international bail-out loans, taxes rose, salaries and pensions were reduced, and unemployment surged. After leaving government in 2017, Schäuble became president of the Bundestag, making him the longest-serving MP in the history of the institution.

In a speech to the European Parliament, Schäuble emphasized the importance of European unification and warned about the pressures facing the rules-based international order. He retired from frontline politics just last year, leaving behind a legacy of influence and dedication.

Wolfgang Schäuble is remembered as a significant figure in modern German politics, revered for his key role in the country’s reunification and his unwavering commitment to fiscal responsibility and stability.