In exchange for getting the chancellery, the conservatives will have to make compromises in personnel.
These are very, very bad numbers. There is a risk that private consumption may have shrunk for a fourth consecutive quarter, which would be a new negative record.
However, a German job wonder is definitely not in the offing. We expect the current upswing to already lose some momentum in the spring.
It is unlikely that reform-minded politicians will have a lot to say in the new government.
In addition, they reduced debt heavily last year which makes them more flexible.
People are expecting that they will be paying for the restructuring of the social system, and that is probably showing up in the numbers.
The health of the German economy remains strongly dependant on the global economy.
It is time to say good-bye to an initially intended transition to a more flexible collective bargaining system and a reduction of non-wage costs for employers.
It's not a jobless recovery.
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