Deutsche Bank to German Economy: Play honest or just cheat - but do NOT waffle

According to the Deutsche Bank, countries that have either scrupulously followed all the rules, on the one hand, or those which have embraced the shadow economy, on the other, have faired reasonably well. Those in the middle have suffered, however.

Empirically, though, it seems quite obvious: countries with a very high or very low share of activity in the shadow economy appear to be much less affected by growth fluctuations in the world economy than countries displaying a more or less average intensity of shadow market activity.....

This apparent relationship suggests several conclusions may be drawn. First of all, it looks absolutely advisable to decide for one side of the coin or the other.