But it would now seem that Germany has become more of an anti-role model than a role model. Germany’s economic situation is getting worse every month. Growth is lower than in almost any other OECD country.

BASF, once the largest chemical company in the world, is cutting thousands of jobs in Germany and redirecting several billion euros of investment to China. Germany’s largest steel manufacturer, ThyssenKrupp, last week announced plans to cut 11,000 jobs. The company had received two billion euros in subsidies on condition that it transition to producing “green steel” using hydrogen, which is totally uneconomical. BASF and ThyssenKrupp both cited Germany’s exorbitant energy prices and gargantuan bureaucracy as reasons for their decisions.