At the beginning of September, German chancellor Angela Merkel took everybody by surprise, announcing that Berlin would open the country's borders to all Syrian refugees. German vice- chancellor Sigmar Gabriel, leader of Merkel's coalition partner SPD, added that Germany is ready to host 500 thousand immigrants each year, for the years to come. Beyond its highly relevant ethical and political implications, the scope of the new migration policy in Germany is also bound to transform the economic landscape of the euro-area.

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