Looking at Germany, the current situation seems to be quite pleasing: Germany’s economy is in infinitely better shape than just ten years ago. Nevertheless, I do believe that we need a more level-headed assessment – Germany, too, faces structural challenges.
It is often only once the contraction has taken place that we see how big the bubble was, or just how much prices were misrepresenting economic fundamentals. But by then a lot of damage may have been done.