All right, Alexander, let's talk about the German economy, which seems to be going the same way, the same direction as the British economy.

And the EU economy, they all seem to be going in a downward trajectory really fast.

But in this video, we'll talk a bit more.

We'll focus a bit more on the German economy.

So what's the situation in Germany at the moment?

You're absolutely correct.

I mean, the whole thing to understand is that Germany had an economic model that was different from that or Britain, France,

some other countries.

I mean, it was the British model was based on very high consumption, very high demand.

That was basically centered to a great extent on the state of the property market.

People in Britain, many people in Britain own their own houses. They have pensions and all that

kind of things so that they borrow against property. That then attracts demand. That brings in goods, that creates a big service economy,

that gets recycled in the economy, that pushes up the GDP figures.

It was not basically a manufacturing-centred economy.

Germany was very different.

Germany's economy was historically based on a much more diversified financial

system with regional and local banks, funding German industry in conditions of very low inflation.

And what you would tend it to get is the German businesses would have quite significant debt

because they would be funded by, as I said, the regional banks and some of the bigger banks

as well, obviously.

But the debts would be covered by large savings that the population would have

because the German central bank always made certain that housing costs in Germany

...