I think it is important to note that the path that Germany allegedly* wants to follow has never really been tried. It has been tried for a while, but is then followed by massive QE so it is hard to know what would have happened. We know that in the first few years it seriously surpresses economic activity and GDP shrinks. However, after a few years it could stabilise and after that resume growth. The new growth however, will be stronger for being based on genuine economic activity rather than by giving people so much money that they have to go out and buy everything.
*Allegedly because I’m not sure that they are 100% behind the no QE policy.