Germany: downside risks, apathetic government

For the past year, industrial activity has contracted in Germany. Industry rightly symbolises German excellence, so the image of the entire economy is affected as a result. Industrial specialisation is an advantage if global trade is fluid and foreign demand vigorous. But tariffs, Brexit and the Chinese slowdown have thrown a spanner in the works. So far, services and construction have held up well, thanks in part to generous credit conditions. For this, we have the ECB to thank....