German exports surprisingly fell by 6.3 percent in January while Germany's biggest rival in world trade, China, enjoyed a 45.7 percent surge in February. It's worrying news for Germany which is relying on its export strength to drive its recovery. Analysts expect exports to grow this year, aided by a weak euro.

While the rest of the world has been pursuing business opportunities in South America, Berlin has been sitting on its hands. Now, with Foreign Minister Guido Westerwelle looking for a signature issue, that may change.

The US and Russia are currently negotiating a successor to the START nuclear disarmament treaty. But continued American plans for a missile shield in Europe have proven to be a major stumbling block. President Obama's vision of a nuclear-free world is in danger.

A handful of European leaders want to move swiftly to create their own European take on the International Monetary Fund. The idea is to be able to independently address financial crises like that being experienced in Greece without the embarassment of turning to the IMF. But the move would be highly risky for everyone involved and could even paralyze the European Union.