Bornhorst, Fabian & Ivanova, Anna.
The German current-account surplus peaked at 7½% of GDP in 2007, coinciding with the emergence of imbalances elsewhere. This column argues that these large imbalances in large part reflected a booming world economy rather than structural factors. It adds that any sustainable rebalancing would require an ambitious reform agenda aimed at raising Germany’s potential growth with greater reliance on domestic demand.
Πηγή: Voxeu