Olaf Scholz

Olaf Scholz is a German Social Democrat who served as finance minister from 2018 and then as chancellor, Germany's head of government, from December 2021 until May 2025. His time in office was dominated by Russia's invasion of Ukraine and the energy shock that followed, as Germany scrambled to replace Russian gas.

Germany is the eurozone's biggest economy, so its leaders' choices on spending, energy and debt rules ripple into the euro. His coalition eventually collapsed over budget fights, triggering an early election.