I don't think there will be a big impact. VW is now protected from hostile takeover, hedge funds will lose interest.

If (the union) continues to insist on short working time, there will be more privatization.

At age eleven, I became a member of the circulating library of my home town. From there on I was rarely seen outside but was reading two to four books per week, the subjects ranging from archaeology over ethnology and geography to zoology. Needless to say that I did not do much homework.

I was born in Ludwigsburg, Wuerttemberg, in the southwestern part of the Federal Republic of Germany on July 18, 1948, as the elder son of Karl and Frieda Michel. My ancestors lived in that area for generations, mainly as farmers.

As a child, I liked to play outside, to stroll through the fields, and I was an active member of the local children's gang, frequently being chased by field guards and building supervisors. Nevertheless, my performance at school was very good, and mainly due to the influence of my mother, I was allowed to attend high school.

We need efficiency at home if our country and its companies are to perform well on the international stage.