Despite a slew of disappointing data from Germany this week Axel Weber, UBS chairman and former Bundesbank president, told CNBC he was concerned that the economic issues surrounding the slowdown weren't being fully understood.
"If you as a medical doctor take the wrong diagnosis, you're very easily give the wrong medication," he said.
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German foreign trade data on Thursday morning showed its biggest fall for five and a half years. The figure for August slumped by 5.8 percent against expectations for a 4.0 percent fall. The country also missed forecasts earlier this week for industrial output numbers which slowed by 4 percent month-on-month in August. German factory orders, out on Monday, also showed a steep—and unexpected—decline. The data has been so bad that it helped spark a global selloff in equities that was only tempered by dovish minutes from the Federal Reserve on Wednesday evening.