Today, the German cabinet approved what the Chancellor called the most important reforms in the history of the German social security system (Bloomberg informs). He might well be right, but he certainly knows that a) it is not enough and b) the cabinet drafts are unlikely to see the light of the day as they are today.

Nontheless, let’s celebrate this achievement in silence for a minute before going back to critizing the effort in public for the rest of the summer.