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WELT: The banks could now significantly restrict their lending. To what extent does the growth of the German economy depend on credit?
Schmieding: That is very difficult to quantify. The first effect is always the trust effect. When everyone is talking about the crisis, many are holding back on their spending. It’s possible, but so far I can’t see that consumers have changed their spending behavior and borrowing behavior. As far as possible restraint in bank lending is concerned, this is put into perspective by two factors: The European Central Bank is likely to stop raising interest rates earlier. It doesn’t look like we’re going to go above 4% on the deposit rate now, it could end at 3.5%.