Rarely do statistics come closer to touching the soul of a nation. This week's German manufacturing orders and production data may disappoint, but there is no denying that Europe's largest economy is enjoying an exceptional growth spurt.

Gross domestic product could have increased by as much as 1.7 per cent in the three months to June, which would have been one of the best performances since the country was reunified in 1990. But if, as some fear, the US recovery splutters and the world enters a “double dip” downturn, Germany's engineering export-led recovery might be doomed.

It is not just about economic data. Germany has put its own accent on policies to deal with the aftermath of the global economic crisis. Following the extraordinary steps taken last year to avert economic disaster, it is in effect returning to old-fashioned Ordnungspolitik. The term has no easy equivalent in English, but the concept is of rules, or an economic order, that render discretionary government action unnecessary.