A chain reaction of bankruptcies – There is no sign of a decrease in German insolvency filings, which have been rising since June 2023: 12.3% more in December 2023 than in December 2022. A danger for the whole of Europe, which has a major trading partner in the German locomotive. Meanwhile, there is growing dissatisfaction with the new Stability Pact, which pleases few and displeases many. There are fears of a return to the infamous austerity policies