Comment: Germany's strength is deceptive - the Federal Republic could also have a debt problem

Germany is praised at the IMF summit like in old times. The location is decent, but the views are not. The government must not lull itself into a false sense of security.

Finance Minister Lars Klingbeil (l) and Joachim Nagel: The Bundesbank President believes warnings of a new euro crisis are exaggerated. Photo: Soeren Stache/dpa

Suddenly everything was as it was before. At the annual meeting of the International Monetary Fund in Thailand, Germany was praised as a model boy in a community full of sinners. When it comes to debt, Germany is in a better position than the rest of the world. And now, after years of stagnation, growth is finally returning.

But the regained strength is deceptive. It leads to Germany lulling itself into a false sense of security and pursuing a policy that could end badly.

Of course it is good that Germany is growing again, even if the growth is state-driven. Better this growth than none at all. And most of the debt goes into useful things, into infrastructure investments and your own security.

More optimism is good for the country. In Thailand, the embodiment of this was not only Finance Minister Lars Klingbeil, but also the President of the Bundesbank. Germany is currently getting “fit for the future,” said Joachim Nagel. The upswing is more than a flash in the pan and could be even stronger than the forecasts suggest.