On a visit to London late last week Peer Steinbrück could allow himself a moment of cheerfulness.

Fresh from having settled a tough budget round, Germany’s finance minister could take comfort in the fact that so far Europe’s biggest economy is weathering the global financial storm, rising oil prices and appreciating euro better than many of its neighbours. It makes a marked contrast from the data and headlines greeting Alistair Darling, his UK counterpart, whom Mr Steinbrück met last week during a trip that also saw the tennis-loving minister stop off at Wimbledon.