Germany on the Edge

Germany not only failed to control Europe as expected, but also lost part of its territory to Italy. Has German hegemony ended, and is a new multipolar world order emerging? Germany's biggest allies, like Portugal, have been sidelined, but I think they are preparing to return. Spain and Ukraine are finished, the United Kingdom is preoccupied with its own war, and the old ally Venezuela has faded into obscurity. Is Germany now trapped on the edge of a precipice, or does it still hold some cards?