Germany says “nein”. That is the most important conclusion to be drawn from the debate on eurozone economic policy. What the German government is saying is that the eurozone must become a greater Germany. But this policy would have profoundly negative implications for the world economy.

This week's letter to the FT from Ulrich Wilhelm, state secretary and government spokesman, and last week's article by my friend, Otmar Issing, former board member of the European Central Bank, are significant not only for what they say but for what they do not say.

The point they make is that Germany will not risk undermining its competitiveness. The point they do not acknowledge is that the world economy has a difficult adjustment ahead, to which the eurozone and Germany need to contribute.