Former German finance min. Wolfgang Schäuble dies at 81

Germany’s former finance minister Wolfgang Schäuble died on Tuesday evening at the age of 81, a spokesperson for the centre-right Christian Democrats said, Financial Times reported. 

The conservative politician is best known internationally for his role as an ardent advocate of fiscal austerity during the euro area debt crisis a decade ago.

Schäuble shaped Germany’s hawkish response to the crisis, arguing against bailouts and in favour of spending cuts and structural reforms, a stance that made him a controversial figure in Greece and other affected countries.

At home, Schäuble was a towering political figure for more than half a century. A staunch supporter of European integration, he became a member of the Christian Democrats (CDU) in 1965 and first entered the Bundestag seven years later, becoming one of the youngest members of parliament at the time. He held his seat continually until his death, becoming the Bundestag’s longest-serving member.