That will probably keep the ECB waiting until September, rather than going for a rate rise, as a done deal, every quarter.

For 2006, I see very strong German exports and increasing investment, but I don't think it will have a big impact on the labor market and that's why consumption will remain relatively weak.

Private consumption is likely to remain weak.

We'll see strong increases in consumption towards the end of the year because of the VAT effect. The World Cup will also play a role.

The labor market situation won't dramatically improve and oil prices are still a problem. Relatively weak consumption is one of the reasons why the German economy won't gather a lot of speed this year.

German manufacturers have rather good support from the orders side. In addition, they reduced their debt and financing conditions have improved.