Just as the energy sector has driven the growth in North America the past 6 years, German manufacturing has been the only cylinder firing in Europe. With commodity prices and German factory orders now both plunging in 2014, global sales are contracting everywhere. It is not more liquidity that is needed, but financially rebuilt consumers. Paying down debt and building up savings in the economy are the solutions, but will take a few years to accomplish.
Bloomberg reports on German economic data missing estimates. Here is a direct video link.