Germany bids Angela Merkel farewell as Olaf Scholz takes the reins as chancellor

Berlin — German Chancellor Angela Merkel was stepping down on Wednesday after 16 years in power, as the German parliament elects Olaf Scholz as the next leader of Europe's biggest economy. President Frank-Walter Steinmeier formally appointed Scholz as Merkel's successor on Wednesday after the parliament elected him chancellor.

Scholz will head a three-way governing coalition consisting of the social democrat SPD party, the Greens and the liberal FDP.

Merkel formally handed over the reins to her successor on Wednesday afternoon, and for the German public it was a bittersweet goodbye.