In most democracies, most elections don't have "far reaching ramifications". They may seem so to those who are too close to see the forest for the trees but most democracies are constituted for a certain amount of continuity - to prevent far reaching ramifications in a single election.
Generally yes, although I would argue that within the broad space of the new Eurozone, specific elections, especially those in the larger, more powerful countries can certainly have some ramifications to other nations. In this case, Germany of course holds tremendous sway when in comes to monetary policy of the Euro. How that will play out moving forward could have either benefits or consequences to other countries or the Eurozone as a whole.
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