The global financial crisis (GFC) clearly had an impact in reducing the innovation gap between the U.S. and the world.
FORBES: The locus of innovation has shifted away from the U.S.
If we leave the GFC aside there has been a systematic reduction in relative research and development output over the last 15 years.
As Graham Turner of GFC Economics has noted, Germany's exports accounted for an astonishing 50% of GDP in the second quarter of 2011.
BBC: Time to buy euros?
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