"Finally, the crucial data point has arrived. In Mar 2012, Germany's Export Growth turned negative for the first time since Oct 2009.

"With Germany's Manufacturing PMI also at the lowest point since July 2009 and well into contraction zone at 46.2 in April 2012, it is almost certain that export growth will turn even more negative in the coming months.

"It won't be long before Germany leads the rest of Europe to abandon all this high-horse austerity nonsense."

David Fuller's view Thanks for the data and Germany will certainly be under political pressure from other European countries.

While Europe's structural problems are enormous, it might help a little if Germany followed China's lead by raising salaries and encouraging domestic consumption.