Northern Europe’s Drag on the World Economy

Since the euro’s introduction in 1999, Germany has run persistent current-account surpluses, averaging $200 billion a year, or almost 6% of GDP. But, until recently, attention has focused on China's similarly large surpluses, while Germany's have largely escaped scrutiny.

MADRID – In recent years, China’s current-account surpluses – which have averaged almost $220 billion annually since 2000 – have attracted much criticism from the rest of the world. But Germany’s similar-size surpluses – which have averaged about $170 billion since the euro’s introduction in 1999 – have, until recently, largely escaped scrutiny.

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