The engine of the European economy is coughing, and loudly. Germany's car giants - Volkswagen, BMW and Mercedes-Benz - are beginning the biggest restructuring in their history, with layoffs counted in tens of thousands of jobs.

The numbers are brutal. Volkswagen plans to cut up to 100,000 jobs out of a total of around 625,000 employees and to close four plants in Germany by 2030. BMW is forecasting up to a billion euros in restructuring costs and the possible elimination of 10,000 jobs, with a 15 percent cut to its European production. Mercedes-Benz scrapped summer bonuses, had 5,500 voluntary departures, and is pushing to return to a 40-hour working week.

The cause has a first and last name: Chinese competition. For the first time, Chinese manufacturers like BYD and Chery together took over 10 percent of the European market in May, while the Germans are losing share despite overall sales on the continent growing by four percent.

For the Balkans, this is not distant news. The German car industry is a direct or indirect employer for thousands of people in the region - through parts factories, subcontractors and our own people working there. When Volkswagen sneezes, a whole supply chain from Skopje to Štip can catch a cold. The question is whether anyone here is even following what's happening, or whether it will catch us as always - unprepared.