• Expects German growth of 0.1% in Q2, Q3
• German economy continues to do well compared to rest of Europe, it could get worse (“compared to rest of Europe”, BIG deal)
• Export expectations have almost stabilised, lower euro rate is helping
• Does not see German AAA credit rating in danger, Moody’s statement was warning not to overstretch Germany
• Consumption continues to be robust, retail is the bright spot in Ifo survey
• Private consumption has not yet been hit by crisis, no signs yet of that changing
• Sees no reason for further interest rate cut, uncertainty is coming from politics