Germany is recovering faster than is the USA or the UK. Though they're a high-wage country with strong unions, they remain a manufacturing powerhouse:
"(Angela)Merkel was once asked by then British Prime Minister Tony Blair what the secret was of her country’s economic success, which includes being the world’s largest exporter and running substantial trade surpluses in recent years. She famously replied, ‘Mr Blair, we still make things’. In Germany, manufacturing still dominates finance because Deutschland capitalism didn’t succumb to the financialisation of the economy that swept the United States and Britain in the 1980s under Reagan and Thatcher. In the US, this led to a tripling in the size of the financial sector as a percentage of both the overall economy and of corporate profits, as well as a loss of millions of manufacturing jobs. Werner Abelshauser, an economic historian at the University of Bielefeld in Germany, says the European way of running the economy ‘is fundamentally about a banking system based on patient capital and firms that emphasise high-quality products and long-term relationships between suppliers and customers’."
Let's see. They make cars, instruments, electronics, all sorts of stuff, and have a long-term outlook. We make derivative securities based on thin air, and reward those who trade in them if they can find a seat in the musical chairs game when the band stops playing, while worshipping at the altar of the next-quarterly report.
One of these strategies is wiser than the other...