The news that German output declined in the second quarter has dented the country’s economic euphoria, but only a little.

Many blame the Ukraine crisis and transient factors such as the mild winter, and believe that Europe’s largest economy remains fundamentally strong. They are wrong. Germany’s disappointing performance mostly reflects structural weaknesses, both at home and in the eurozone. Policy makers should act quickly, before the problems become further entrenched.

The country’s attitude towards the eurozone is increasingly one of disengagement. It hopes the openness of its own economy, and its strong position in export markets, will spare it from being pulled down by its neighbours’ misfortune. The past few months have shattered this hope.