Von Brüssel bis Berlin: Ein kritischer Blick auf die deutschen Leistungsbilanzüberschüsse

Abstract

Germany has one of the highest current account surpluses in the world. This is criticised by its global trading partners and is subject to the European Macroeconomic Imbalance Procedure as well as to the IMF and the new us-government. However, this phenomenon is interpreted quite disparately. The paper argues that periods of weak domestic demand and a saving surplus over investment has left lasting traces. How could Germany find out ways to increase domestic demand, especially its public and private investment, to reduce its surplus? Political actions should focus directly on the distortions and misallocations that potentially result from an imbalance. The article discusses Bernanke’s thesis of savings glut in mature economies. As a political consequence, this means turning away from the politics of European debt limits and installing a limit on balance on current account