We’ve been covering Germany quite a bit this week, as the country has officially gone into recession. But according to U.K.’s Telegraph, it may be in a better position than other countries to battle a downturn.

A large trade surplus is partially to blame here, and the cautious nature of Germans is another. But even when their situation appears rosier than others’, they’re still reserved about the future. Better safe than sorry, especially right now.

For a more dynamic view of German fiscal policy, check out an in-depth analysis in this week’s Economist.