What is common to the US, Greece, Portugal and others concerning Germany?

“Since the beginning of the European Monetary Union (EMU) Germany realized an increasing export surplus. While German exports to Portugal increased, imports from Portugal to Germany even declined until the outbreak of the Eurozone crisis 2008/2009. And even now, when the Portuguese economy has become heavily depressed after the country had begun to employ austerity measures strongly advocated by the German government, Germany still runs a high and again even increasing export surplus with Portugal. […]

How can it be that the pretended healthy and strong German economy, often called by German politicians, media and economists the ‘locomotive of business activity’, realises a surplus with depressed economies like Greece and Portugal? And how can it be that the distant U.S. treasury addresses this problem with pertinent analysis since years but not the ministries of finance of Portugal, Greece, France and other countries in the EMU until today? The theoretical and empirical evidence is clear: Germany has broken the rule of the European Central Bank (ECB) for years by falling below the inflation target of ‘below, but close to, 2 per cent’.



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