Blame the Germans. The global commentariat, from international organisations to the media and some restless politicians, has found a rare consensus: Berlin’s refusal to bust its budget – sorry, the German government’s reluctance to enact a big fiscal stimulus that could spill over to its neighbours – is one reason why the fight against global recession is not yielding enough results yet.

The pro-stimulus pundits have a point. Because the Germans painfully tightened their belts to repair their budget while others feasted on a credit-fuelled public or private sector spending spree, Germany’s fiscal starting position is less precarious today. But beyond recanting current fiscal and trade statistics, most calls for a big German bang to help save the world defy economic logic, ignore history and disregard the political dynamics.