The additional strength has been concentrated in the emerging countries, with growth in China and India running at a pace of around 10 per cent in 2010. In contrast, growth of about 2½ per cent for the G7 group, after a contraction of around 3½ per cent in 2009, will leave a considerable margin of spare capacity and particularly of unemployed labour.
Second, the world is in disarray, and many expect Europe to show the way. Failing to decide on our own future would send a signal that we don’t know what we want. Germany is being very cautious on Europe at the moment. Olaf Scholz says that a German finance minister is first and foremost a German finance minister. Do you find that disappointing?