What's at stake as Germany goes to polls (seen by the Independent)
Germany
Merkel victory
A coalition of the CDU with its sister party the CSU and the liberal FDP would mean a shift away from the traditional social democrat model towards the free market, and a far simpler tax system with a uniform, 'flat' tax rate is a distinct possibility.
Schröder victory
Another SPD/Green coalition with Schröder and Joschka Fischer as Foreign Minister would likely serve up more of the same domestically. But a renewed mandate might allow sped-up reforms to benefits and health care systems.
Coalition
A middle-of-the-road result in which each party would have to decide which commitments to compromise on. It could be good to have broad consensus for measured economic reform. But it could also mean incessant bickering and stagnation
Europe
Merkel victory
A coalition with Merkel at its head is bad news for Ankara's quest for EU membership. She wants a "privileged partnership" instead. French presidential wannabe Nicholas Sarkozy will be delighted if Germany turns to the right, as he intends to make France follow suit.
Schröder victory
Whether he is re-elected to an unchanged coalition or is forced to accommodate the harder left, Schröder's optimistic attitude towards Europe - and in particular his passionate support of Turkey's accession to the EU - is very unlikely to change.
Coalition
There is no chance Mr Schröder would stay as SPD leader in a CDU/CSU coalition. EU politics will also depend on who will be foreign minister. Germany's contribution to the EU budget, which CDU/CSU criticise, will certainly be on the agenda
America
Merkel victory
A Merkel win may see a blurring in American eyes between the "old" and "new" Europe distinctions but it would change little in terms of Germany's foreign policy, although Merkel will want to rebuild links with the Bush administration.
Schröder victory
The Chancellor, with his fearsome opposition to the Iraq war, is the embodiment of Donald Rumsfeld's "old Europe". Knowing that the majority of voters are against America's aggressive foreign policy, Schröder would stick to his colder approach to Washington.
Coalition
Merkel will make it her mission to rebuild links with the US. Nonetheless policies on Iraq, climate change and Iran should stay the same. Ms Merkel has already indicated that a permanent seat on the UN Security Council will not be her priority.