• U.S. has higher debt levels than even the “most difficult” country in Europe
  • Everyone surprised a bit by financial market turbulence of last weeks
  • Market correction on downside has been exaggerated
  • There is no sign of recession in Germany at the moment
  • Everything still pointing to growth rate of 3% in 2011, well above earlier forecasts this year
  • There’s been a dampening of overly optimistic expectations lately
  • There’s no reason for lasting concerns in markets
  • Developments in German labour market still very positive