The Germans ride to the rescue. While the US economy screeches to a halt and gloom grows elsewhere in Europe, Germany is building a reputation for positive surprises.

For some years, German industry’s strength in producing the machinery and tools demanded by rapidly industrialising emerging economies has been clear. But lately, Europe’s largest economy has appeared to gain its own growth momentum. Seemingly unscathed by the global financial market turmoil, soaring oil prices or the euro’s record strength, German gross domestic product grew by 1.5 per cent during the first three months of the year – the fastest quarter-on-quarter growth rate for almost 12 years.