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AfD surge in Germany seen as eurozone policy risk

ING says the party has floated euro exit and a return to a national currency, leaving markets unsure what policy an AfD led government would pursue.

Reported · Written up by our desk · Central Banks

FXStreet, citing ING, said the AfD has surged to become Germany’s largest party in polls, creating uncertainty over eurozone policy outcomes.

ING’s Carsten Brzeski highlighted that while the AfD has a newer, toned-down economic paper, its longer standing positions have included calls for Germany to exit the euro and pursue monetary sovereignty.

The 2025 federal manifesto adopted ahead of the federal election calls for Germany’s exit from the euro, a return to a national currency, gold repatriation, and Target 2 “monetarisation,” along with higher pensions, Brzeski said.

Earlier this year, the AfD’s parliamentary group also published a separate economic policy position paper, and ING noted that compared with the 2025 manifesto, the deletions are the main headline, while markets still lack clarity on what economic policy an AfD-led government would pursue at state or federal level.

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