Now that many countries are struggling with recovery, the more dynamic upswing in Germany is providing an important impetus to the rest of Europe.   Finally, I will turn to the challenges that the European sovereign debt crisis is posing to Germany.
Considering that Germany is providing a large part of the fiscal contributions to euro area countries with refinancing problems, confidence in Germany’s solvency is vitally important in the current situation. Germany therefore  BIS central bankers’ speeches  1  has to set an example for implementing sound fiscal policies within the euro area.