A victorious Schroeder, right, celebrates his victory at party headquarters in Bonn.

On October 27, Social Democrat Gerhard Schroeder defeated 16-year incumbent Helmut Kohl to become Germany's new chancellor.

Once considered a maverick and political outsider, Schroeder promised "economic stability, domestic security and continuity in foreign affairs."

Read on for background on the election, campaign analysis and final election results from this defining moment in German history.