Germany risk: Infrastructure risk.

Germany has excellent infrastructure, which is well integrated into European networks. The transport networks are of a very high standard, so that disruption due to operational problems is rare. However, maintenance investment and new infrastructure projects have been scaled back due to fiscal constraints. In addition, roads are increasingly congested. Civil aviation has been liberalised and is well developed and the cost of flying has come down substantially. Retail and distribution networks are of high quality. The quality of infrastructure in former East Germany is still improving thanks to major public investment. The risk of energy shortages in the short and medium term, either resulting from the phase-out of nuclear power or from political problems with major foreign suppliers, is low. [ABSTRACT FROM AUTHOR]