Every dynamic economy has its doldrums and even torpid economies may rise, perhaps with delay, to an extraordinary opportunity.

Fiscal policy is constrained, while monetary policy is set by the European Central Bank, which is based in Frankfurt but cares about more than Germany's torpid economy.

Business confidence in Germany sagged to a nine-month low this month amid fears that tax increases and spending cuts proposed by Chancellor Gerhard Schröder's new government would revive the torpid economy.

The stock market, still stymied by a torpid economy, yesterday briefly broke out of the narrow trading range it has hugged for the previous four sessions.

Germany is well ahead of schedule in its preparations, prompting economists to forecast that the tournament, the world's largest sporting event, will deliver an invigorating kick to one of Europe's most torpid economies.

Once Europe's torpid economies recover, the pact, Mr. Gros predicts, "will rise like a Phoenix from the ashes."

The dollar could continue its slide if the Federal Reserve cuts rates further to pep up the torpid economy, as many economists predict.

Others - like a proposal for companies to hire unemployed people as temporary workers - have fallen short, in part because Germany's torpid economy has not generated enough jobs.

As we struggle to recover from what is now the longest recession since the Depression, it has become clear that the budget agreement needs emergency alterations to stimulate the torpid economy.

But as Deutsche Bank reported unexpectedly lackluster earnings for 2002, it was clear that Germany's torpid economy continues to exert a heavy gravitational pull on its largest financial institution.