The European Commission is growing increasingly concerned that Germany’s economic struggles could have serious consequences for the entire European Union, particularly for countries like Italy, whose economy is deeply intertwined with Germany’s.
In its latest economic review, Italy’s leading newspaper Corriere della Sera raised the question, “Why has the ‘locomotive of Europe’ stopped?” It highlights Germany’s “existential crisis,” arguing that the once-unshakable image of the German economy and work ethic has been severely undermined.
The report points to a troubling rise in absenteeism, noting that German workers now take an average of 22.4 sick days per year, the highest among industrialized nations. There are growing suspicions that this may be linked to fraudulent sick leave certificates within German companies.
The newspaper also criticizes Germany’s struggling automobile industry, particularly in light of rising competition from Chinese manufacturers. Once the proud home of brands like Volkswagen, Audi, Mercedes, and BMW, Germany now faces the challenge of Chinese companies surpassing them with higher-quality, lower-priced vehicles, especially in the growing electric vehicle market. Volkswagen, for example, is losing jobs with no clear solutions on the horizon.
For decades, Germany thrived on cheap Russian gas and a vast Chinese market. However, with the loss of these economic advantages, analysts argue that Germany now faces a precarious future, with few answers to address these challenges.
