Being German I'd argue that a problem is that Germany relies on the US to conduct intelligence for them and hence ignores the fact that the NSA is violating the rights of it's citizens on a massive scale.
I could understand it for a country doing it for it's direct adversaries (e.g India and Pakistan and vice versa). That's what it was historically been connected to in any case.
I especially don't want a 10000-pound gorilla country with a constant history of war, imperialism and a racist feeling of "we are the chose country of God and a great experiment" doing it globally and using it for economic and military control.
So, no, I don't like Germany doing it. Or France. Or UK. Or China. Or Japan. And especially I don't like the big kahuna doing it.