The weak performance of the German economy in the second half of the year is due to (too many) one-off effects, emerging structural weaknesses and external uncertainties. Just look at cars, low water levels in the main rivers, the trade conflict between the US and China, Brexit or the lack of investment in digital and traditional infrastructures, delays in railways and airlines and barely significant new structural reforms 10 years.

What a list! However, it is not necessarily the end of a long positive cycle.