Germans are less and less interested in Southern Europe as a market for exports. The driver of German exports abroad are emerging markets (and the United States, to a lesser degree). Italy is only the seventh-largest importer of German goods, and Greece, Spain and Portugal are even further down the list. Notwithstanding a collapse of German exports to the “olive oil countries” (a definition I picked up some days ago in Germany), global German exports have remained steady. Berlin has to thank Beijing: In 2004, the Chinese purchased 20 billion euros worth of German products. Last year, they purchased 67 billion worth of goods, writes Stefano Casertano.

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