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Jornal de Negócios - Portugal | Tuesday, November 5, 2013

Germany's record trade surplus hurts all Europe

After the US voiced unequivocal criticism of Germany's export trend, the IMF last week also called on the country to curb its trade surplus. The liberal business daily Jornal de Negócios adds its voice to the criticism: "A 'significantly smaller' exports surplus 'would be useful', said the IMF's deputy managing director David Lipton. Of course Berlin doesn't agree. ... It is adamant that there is no imbalance. ... That's absolutely right: not in Germany there isn't! But in today's globalised world, in which Germany is integrated and on which its economic success, exports, production and jobs depend, there is an imbalance. Already in 2012 Germany had registered the world's highest export surplus for the second year in a row. ... In the monetary union he who consumes the least and keeps salaries as low as possible wins the battle as creditor. And this poses major risks for the EU project."

» To the complete press review of Wednesday, November 6, 2013

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