no plans for the German Government to do the same. The following day, Merkel stated that the government would guarantee private savings account deposits, after all. However, two days later, on 6 October 2008, it emerged that the pledge was simply a political move that would not be backed by legislation. Other European governments eventually either raised the limits or promised to guarantee savings in full. Social expenditure At the World Economic Forum in Davos, 2013, she said that Europe had only 7% of the global population and produced only 25% of the global GDP, but that it accounted for almost 50% of global social expenditure. She went on to say that Europe could only maintain its prosperity by being innovative and measuring itself against the best. Since then, this comparison has become a central element in major speeches. The international financial press has widely commented on her thesis, with The Economist saying: The Financial Times commented: "Although Ms Merkel stopped short of suggesting that a ceiling on social spending might be one yardstick for measuring competitiveness, she hinted as much in the light of soaring social spending in the face of an ageing population. International status Merkel was widely described as the de facto leader of the European Union throughout her tenure as Chancellor. Merkel was twice named the world's second most powerful person, following Vladimir Putin, by Forbes magazine, the highest ranking ever achieved by a woman. On 26 March 2014, Merkel became the longest-serving incumbent head of government in the European Union. In December 2015, Merkel was named as Time magazine's Person of the Year, with the magazine's cover declaring her to be the "Chancellor of the Free World". In 2018, Merkel was named the most powerful woman in the world for a record fourteenth time by Forbes. Following the election of Donald Trump to the US presidency in 2016, Merkel was described by The New York Times as "the Liberal West's Last Defender", and by a number of commentators as the "leader of the free world". Specifically, Politico called Merkel the "leader of the free world" when reporting on her meeting with President Trump. Former US Secretary of State Hillary Clinton described Merkel in 2017 as "the most important leader in the free world". The Atlantic described her in 2019 as "the world's most successful living politician, on the basis of both achievement and longevity". She