Within Europe, Germany wasn't exactly a leader for reform, nor a leader in anything, and that will just continue.

Germany had priced itself out of the market by the late-1990s. It is basically pricing itself back into the market.

Countries like France and Germany just aren't ready for any further expansion of the EU from an economic point of view. The negotiations with Turkey basically have to be forgotten about for the next five or six years.

It will be possible to form a stable constellation that will keep Germany on its reform path for four years.

Now comes the day of reckoning. Brown will push as hard as possible but at this stage there's not a lot he can do.

I want to win a confirmation of my (financial) reform policies that can lead Germany to new strength.