Not only did she manage to keep the eurozone together in the face of intense provocation from Greek politicians and the extreme reluctance of her own voters, but the German Chancellor gave a voice to all those in Europe for whom charity was more important than realpolitik as the migrant crisis washed over an unprepared continent. That powerful show of moral leadership may yet return to haunt her (and her country), but for many thousands it has already meant the difference between hope and despair.

This article is part of Fortune’s Best in Business 2015 package of highlights and lowlights of the year in business, politics and the economy by the writers and editors of Fortune. To see the entire package, click here.

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