But new research from the Cologne Institute for Economic Research (IW) has now revealed the drastic extent to which Germany could face economic disaster following Brexit.
According to the study, many German manufacturers are dependent on the production of goods abroad – with many partners being based in Britain.
In 2014 alone, the British supplied intermediate goods worth EUR 200 billion to the EU, of which 36 billion went to Germany.
IW researcher Berthold Busch warned: “In the worst case of Brexit, the established, complex supply chains could be broken completely.”
As results of the IW study show, sectors of transport equipment, basic metal industry and chemical industry all rely heavily on intermediate goods from the UK.
Mr Busch added: “The German industry would be hit hard without a free trade agreement.”
Therefore without tariff-free trade and the lowest possible non-tariff trade barriers, IW expects costs could increase sustainably for the industries – and consumers.
However the report comes as rating agency Scope warned Britain cannot expect Germany’s attitude to Brexit to soften after the election later this month.
The watchdogs based in Berlin predicted that hopes for a “more co-operative approach” would be dashed regardless of the outcome as Germany will likely continue with its hardline stance.
Scope Manager Giacomo Barisone said: ”Although a coalition, including the FDP, is likely to have an open ear for British concerns, this difference will probably not fundamentally alter the German position towards Brexit.”