European Parliament President Schulz To Step Down

The President of the European Parliament Martin Schulz will leave his post.

Schulz, who is a member of the Social Democratic Party of Germany, announced that he intends to return to German politics.

60-year old Schulz will enter German politics where he might compete with Angela Merkel for the post of German Chancellor next year, reported AFP..

Schulz could replace the popular Foreign Minister from the Social Democratic Party Frank-Walter Steinmeier who will be elected Federal President in February.

There have been rumours for months now that Schulz might replace the leader of the Social Democratic Party of Germany Sigmar Gabriel - Vice Chancellor and Economy Minister.

The Social Democratic Party will nominate its candidate for chancellor at the end of January.

There are also media reports that Schulz might head German diplomacy in February, compete for the chancellor post and then resume the post of Foreign Minister in a new large coalition.