Inflation is still above target and as long as the economic data keeps coming in strong we expect the ECB will raise rates.

We see a big upward trend in energy prices, but without that, the inflation rate is going down. The ECB looks at the headline figure, and as long as it's above 2 percent, it's a reason to increase rates.

Germany is a split economy. Wage moderation made German companies internationally competitive in the first place. If wages only rise moderately, people may feel optimistic, but they simply don't have that much to spend.

We've probably seen the peak in confidence. The most optimistic growth forecasts are for about 2 percent this year, but that's not really a boom. We've seen some euphoria, but now we're returning to more realistic levels.

Global demand remains the most important factor, and the situation looks good. We should see a rebound in growth in the first quarter and a slightly positive tendency in industrial production over the coming months.

Sometimes it seems like God is difficult to find and impossibly far away. We get so caught up in our small daily duties and irritations that they become the only things that we can focus on. What we forget is that God's love and beauty are all around us, every day, if only we would take the time to look up and see them.