When Friedrich Merz came to office in May 2025, corporate boardrooms were abuzz with hope. As he ascended to the chancellorship, the leader of the conservative Christian Democratic Union  (CDU) promised nothing less than an "economic turning point." With him at the helm, he declared, every political decision would be preceded by the question: Will this benefit Germany's economic competitiveness? It certainly sounded plausible. After all, before returning to politics, Merz had made his fortune in the business world. For four years, he served as chairman of BlackRock's supervisory board in Germany, and he wrote a book entitled "Dare to Embrace More Capitalism." As a candidate for chancellor, Merz promised that there would be no more "left-wing politics in Germany," and shortly after taking office, he called for greater economic efficiency.…