Retail sales are falling sharply. Industrial production is slumping. Construction is sluggish and the government is weak and clueless with little idea of how to respond to falling demand. No, don’t worry, you haven’t accidentally stumbled across a hardcore remoaner rant about a declining, irrelevant Britain. That is actually a description of what is meant to be the eurozone’s strongest economy – Germany.

Very few people seem to have noticed it yet but there are worrying signs the exporting powerhouse at the centre of the eurozone is slowing down sharply. True, it might only be a blip. Then again, that is how most recessions start.