• Expects German growth of 0.1% in Q2, Q3
  • German economy continues to do well compared to rest of Europe, it could get worse (“compared to rest of Europe”, BIG deal)
  • Export expectations have almost stabilised, lower euro rate is helping
  • Does not see German AAA credit rating in danger, Moody’s statement was warning not to overstretch Germany
  • Consumption continues to be robust, retail is the bright spot in Ifo survey
  • Private consumption has not yet been hit by crisis, no signs yet of that changing
  • Sees no reason for further interest rate cut, uncertainty is coming from politics