Hope for déjà vu.
The results of the ifo business climate survey for January were sobering. The mood in industry at the start of the year is just as poor as it was at the end of last year. The index of business expectations in the manufacturing sector, which is so important for the private wealth stock market indicator, even fell once again - from minus 23.0 to minus 26.0 points.
To be honest, we had expected more. By now, every politician must realise that a fundamental economic policy is necessary if Germany is to remain an industrial location. There was therefore certainly hope that the prospect of a turnaround would be reflected positively in business expectations for the next six months.
A similar feat has already been achieved twice in the last 50...