Germany has a new government, Olaf Scholz he will be chancellor and will lead a majority made up of social democrats, liberals and greens. With the end of the Merkel era, Germany loses the CDU as a governing force and starts a center-left government, halfway between ethical-social progressivism, environmentalism and economic ordoliberalism. However, we must not be too impressed by the novelty since the continuities with the past seem stronger than what the majority parties themselves do not want to show. Even if the contract paves the way for some reform of the EU fiscal rules, the game is to be played. And for Italy, in the event of the EU equilibrium being called into question, the positive aspects are not secondary. Unlike France, with whom we have just signed a Treaty, the Germans have no aim to conquer our economy.