Germany is no superman for eurozone plight

Right now, Germany is much better off than it was ten years ago. Unemployment is very low and earnings are rising, but there is little inflation. Public finances are in good shape. The trouble in my view is that expectations about what Germany can contribute to the global economy have become unrealistic. Germany used to be viewed as the sick man of Europe, then people began to call it the locomotive of Europe, so the perception went from unrealistically negative to unrealistically optimistic. I don’t see a political willingness to work against its national interest. There may be further infrastructure spending announced, but it won’t be a big programme.

Holger Fahrinkrug, Meriten Investment Management

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