to be totally aligned with the german economy to the extent that one can
say its even more in lockstep than Austria's. This is a testament of the
great deal of integration the Slovak economy now has with Western europe.
Slovakia can't buck international trends and fix the economy on its own but
the recent surge in german performance & sentiment is making its way to us.
Mr. Fico & Pociatec should note that in small open economies, often,
actions cause more harm than good, such as the government's copycat car
scrapping bonus programme modelled on the successful German one, which had
no discernable effect on the local car industry because about 97 per cent
of production is exported.
In the end, Slovakia will revive when western Europe, and particularly
Germany, starts to grow again.