Is Germany the euro zone’s weak link?

Economic activity surveys now show a significant cyclical slowdown in Germany. Looking beyond this cyclical slowdown, could Germany now be the euro zone’s weak link? Germany does have numerous weak points that make it vulnerable : The high sensitivity of the German economy to the industrial cycle, while demand for industrial products is slowing globally ; The high weight of the automotive industry, which is going to be hit by the new environmental standards; Declining cost competitiveness; Growing precautionary savings by households and the government.