Juergen and I worked closely together between 1999 and 2002 when the two of us were with the German Council of Economic Advisors – he was one of what are called the five wise men and I was their secretary-general. At that time, I remember, Germany was considered to be “the sick man of Europe”.
The Economist magazine wrote in 1999: “... the biggest economic problem for Europe today is how to revive the German economy”. Nowadays, Germany is called the economic powerhouse of Europe. This is not least the result of economic reforms that were implemented between 2003 and 2007.