German Deputy Foreign Minister: The surplus in our country is unfair for the rest of the EU

Γερμανός ΥΦΕΞ: Αδικία για τις υπόλοιπες χώρες της ΕΕ το πλεόνασμα της χώρας μας

Germany has a large trade surplus that must be reduced by increasing the domestic demand to help the rest of the eurozone countries

Deputy Foreign Minister Michael Roth, responsible for European issues, told AFP that the surplus in the current account balance of Germany is an injustice to the other Eurozone countries, arguing that Germany has a huge trade surplus, which it should reduce by increasing domestic demand to help the rest of the eurozone countries and especially those most affected by the crisis.

"Just as countries with large deficits need to take responsibility to improve their financial situation, so the so-called surplus countries must assume their own responsibilities towards the eurozone. Through a system that keeps low wages we create unfair competition with our partners in the eurozone," Roth said.

In November 2013 the European Commission launched a thorough investigation of the surplus in the current account balance of Germany as in accordance with the secondary law of the EU (six pack), if a country exceeds the limit of 6% surplus in the current transaction rate, an amount that has been set as a target to ensure the "proper functioning of the monetary union", then it may suffer the same penalties as a country with high deficits. That is, a fine by the Court of the EU which may reach up to 0.5% of GDP per year.

German Finance Minister Wolfgang Schaeuble and Chancellor Angela Merkel argued that the surplus of Germany is not on about the eurozone, but regards third countries.

Now for the first time, a senior executive of the federal government asks that Germany assume its responsibilities as the largest EU economy and stimulate domestic demand to help the countries of southern Europe. "Germany is responsible and must do more to reduce imbalances within the eurozone," the German Deputy Foreign Minister said.
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