Joachim Nagel

The deep crisis in the German heavy industry is taking on a domino effect, and the very foundations of the German economic miracle, as it was built post-war, are literally shaking. Next in line is the German industry Evonik, headquartered in Essen, in the Ruhr Valley, the traditional “cradle” of German heavy industry in the most populous state of North Rhine-Westphalia.

The European Central Bank is set to cut interest rates again by 25 basis points on Thursday, just days before the US Federal Reserve (Fed) opens its own monetary policy easing cycle.