Germany's SPD leader and Merkel's coalition partner Andrea Nahles steps down

Germany’s Social Democratic Party (SPD) head and the junior partner in Chancellor Angela Merkel's coalition government, Andrea Nahles, on Sunday announced that she would resign from her position, citing a lack of support she needed to continue.

“The discussions within the parliamentary faction and feedback from within the party have shown me that I no longer have the necessary support to carry out my duties,” Nahles said in an official statement.

The fact that this developments is likely to create a short-term political uncertainty in the euro area's biggest economy suggests that the shared currency could start the week on the back foot.