Even the 'Europeanists' are nationalists

It is becoming clearer by the day that the economic crisis is moving gradually from Europe's periphery to the center, gnawing away at the credibility of Germany's economic behavior.

This column will leave it to analysts and experts with greater knowledge and experience of economic issues to venture estimates, forecasts and so on.

What is certain is that the undermining of credibility in the way that German giants behave on the international stage - like Siemens initially, then Volkswagen, followed by Deutsche Bank - has placed Germany under strict supervision. Not by European institutions, of course, but by the United States.

Without doubt, the USA is not an easy rival. But nor is the president of the European Central Bank, Mario Draghi, who yesterday did not succumb to the pressure of Dr Wolfgang Schaeuble in the Bundestag and is sticking to his policy of low...