The industrial world enjoys a rare combination of growth and low inflation; the 'Washington consensus,' a model of economic development that emphasizes macroeconomic discipline and open markets, is being adopted by more countries.

German predominance is not all-encompassing. In foreign affairs and military matters, for instance, France and Britain still play a much bigger role. But across a large swathe of European policy, Germany has become much more than a first among equals.

The impact of a minimum wage depends on how high it is to average wages. If you have too high a minimum wage, it will hurt job creation, and you will have negative job effects.

The Franco-German tandem at the core of post-war European integration has become lopsided. Relations between Berlin and Paris are unusually poor, with some French politicians decrying the 'selfish intransigence' in the euro crisis of Germany's chancellor, Angela Merkel.