It is absolutely true that nothing much has been done.

The higher the job protection, the higher the obstacles to job creation.

The orders situation in the German manufacturing sector is excellent. It strengthens the European Central Bank's resolve to tighten interest rates and gradually normalize them.

The acceleration of the past several months has been quite stunning, so it's not surprising to get a bit of a pause. After an unusually warm December, January was unusually cold and snowy. That may have affected production.

The immediate driver is that investment activity is picking up. The global economy remains very robust, and after a long and dreadful period, there are hopes that German consumption will strengthen.

The law has been liberalized, but there's still a law.