Some argue that Agenda 2010 helped turn Germany from the 'sick man of Europe' into the best performing major Western economy in the aftermath of the global financial crisis.

While some parties regarded it as the most successful economic reforms in Germany in over half a century, as well as in any G7 country in 30 years, it also created massive controversy and protests.

In his early days, Eichel was known for his campaigns for green causes and against nuclear weapons but for most of his political career, he became associated with stimulating investment and creating jobs.

In March 1999, Oskar Lafontaine resigned as Minister of Finance in the government of Chancellor Gerhard Schröder, and Eichel replaced him a month later.

The Economist magazine's description of him: It was Mr Eichel who achieved Germany's biggest tax cuts in half a century, preached a fierce austerity, and stuck rigidly to a policy of squeezing the budget.

For two years after taking over as finance minister in 1999 from the left-wing, fiscally extravagant Oskar Lafontaine, Mr Eichel was the government's star.

Despite his penchant for spending cuts, he was widely admired for his integrity, courage, and unwavering loyalty to Chancellor Gerhard Schröder[14] Despite initial success, due to constraints by the cabinet and by the worsening economic situation after the short boom in 1999/2000, he had to abandon those plans.

Until 2005, when he stepped down, Eichel did not reduce the deficit to under the 3% stability threshold, mainly due to the decision from Chancellor Schroder to not force excessive austerity on the German people on top of the deep economic reforms taking place.

Other sources identify Hans Eichel, US Treasury Secretary Larry Summers, and Canadian Finance Minister Paul Martin as the three key initiators.