Germany did not have a real-estate bubble that threatened to burst, as did Great Britain, Ireland, Spain, and France. Germany has only been indirectly affected – by the decline in worldwide demand for German products – which explains an important timing difference in the business cycle.
第二个假设更为接近事实，那也就是德国经济下滑目前为止还并不像其他国家那样强烈。德国并非像英国、爱尔兰、西班牙以及法国那样形成房地产泡沫并且即将破裂。德国只是由于全球对德国产品需求下降而间接受到影响。这也就是为何商业周期中存在重要的时间差。