“China has generated six, almost 7% now of GDP growth out of net exports over the last few years, a huge number for a large economy. And Germany is the mirror image of that. It's lost 4% of GDP in net exports as it got pushed out of China, pushed out of third markets. … So we are late. We're unequivocally late.”

…deterioration in the relationship between Brussels and Beijing because the war in Ukraine is existential for Europe. So if you put all that together, it explains why the shift has been big. And it seems rapid, but like you said, like in the US, the second China shock began at the beginning of this decade when China's real estate sector collapsed and it switched back to export-led growth. China has generated six, almost 7% now of GDP growth out of net exports over the last few years, a huge number for a large economy. And Germany is the mirror image of that. It's lost 4% of GDP in net exports as it got pushed out of China, pushed out of third markets. And so it's still late. And it's kind of stunning that we just discussed currency diplomacy, that Europe is waking up to the currency issue when China devalued the Renminbi in 2022-23. So we are late. We're unequivocally late. Not as late as a 2016 response to a shock from the mid-2000s, but still late.