Stefan Bielmeier German Quotations

German companies will start feeling the pressure on their margins. It was a long winter, consumers used more energy and the same applies to companies. We expect energy prices to retreat somewhat in the second quarter.

The agreement is lower than expected and it's good news for Germany and for the euro zone because the ECB will have one reason less to raise interest rates. The whole package entails a total rise of 5.1 percent over 24 months, so for German standards that is a really good agreement.

Accelerating world trade is proving a boon to German exports. The recovery is broadening; no doubt the optimism is warranted.

There probably will be only tentative reforms in France now, if any at all, until the 2007 election. And whatever government emerges in Italy, it looks as if it will lack the broad mandate needed to implement necessary changes. Germany is definitely ahead of them at least with part of the reforms.

I wouldn't go as far as to say Germany is the reform engine of Europe, but it is making slow progress.