Should we be optimistic or pessimistic about Germany?

Germany is often held up as a model for other European countries, given: The high level of the employment rate; The good quality of the education and vocational training system; The significant modernisation and the large industry; The low public debt , which gives considerable fiscal policy leeway . But now, on the contrary, a negative view of Germany is gaining ground, given: The strong dependence on industries of the past, which are contracting; The uselessness of the savings surplus; The return of economies to regionalisation; The lack of productivity gains; The fact that savers and future pensioners are being ruined by negative interest rates. What view of Germany should we choose, an optimistic or a pessimistic view? Everything will depend on Germany's capacity to use its strong points to avoid the threats: in particular, it should use the savings surplus to invest in the industries of the future and to boost investment in other euro-zone countries (instead of lending the savings surplus to the rest of the world outside the euro zone), which would restore productivity and regional growth .