Germany  - - the world’s biggest exporter - -  has been the focus of criticism in recent times because of its reliance on exports and it has been advised to switch to boosting domestic consumer demand. Martin Wolf, chief economics commentator of the Financial Times, wrote last month: Why has the European Union suffered so badly in a crisis that began in the US? He said the answer is to be found in four weaknesses: first, Germany, the EU’s biggest economy, is heavily dependent on foreign spending; second, several western European economies are suffering from post-bubble collapses in demand; third, parts of central and eastern Europe are also being forced to cut spending; and, fourth, European banks proved vulnerable to both the US crisis and to difficulties nearer home. Given these realities, recovery is likely to be slow and painful.