Berlin's firewall falls on the left. Borders, climate, rent: three fears, one budget, and a centre that cannot pay for all of them

For a decade, Europe's populists fed on one fear. Now there are three – and each has found its own party. In Berlin, a firewall has just fallen on the side nobody was watching, and the plan on the table involves other people's flats. The question for investors is not who wins the next election, but who is left to pay the bill.

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