The parameters for such interventions are evidently the subject of considerable controversy, particularly given the need to comply with the EU Treaty and the sensitivities towards any formal program of purchases expressed by central banks from the surplus countries (Germany and possibly Benelux, Finland and Austria), Barclays said.
The export-led growth models of other surplus economies such as Germany and Japan are also both going to have to give way to greater domestic demand.
With the Eurozone expected to shrink a further 0.1% this year, after contracting 0.6% in 2012, European policymakers will have to work to achieve more symmetrical adjustment shared between core external surplus members, namely Germany, and peripheral deficit countries, Kraemer argues.
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Blanchard begs those with room on the fiscal side to engage in stimulus, seemingly pointing out Germany and other surplus nations.
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GM, which has missed its profit targets in Europe, has been quietly refurbishing its old factory at Russelsheim in Germany, shedding surplus labour and capacity along the way.
In both, a crisis of excess debt developed, in the 1920s created by war and today by a decade in which the new common currency generated huge financial flows from Germany and other surplus countries to deficit countries of the euro-zone periphery.
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In London last week, Mr Schauble said suggestions that Germany's current account surplus needs to fall "did not make any sense".
Germany's current account surplus last year was nearly 6% of GDP.
Germany has a huge current-account surplus and so is not dependent on flighty foreign capital to keep its companies primed.
Finland, with a 2.1% fiscal surplus and tidy debt, was yielding just five basis points less than Germany on Tuesday.
And unlike America, Germany is a supplier of global credit: its current-account surplus was a hefty 7.7% of GDP last year, according to the OECD.
There are other ways to shrink the gap between Germany's high savings rate and relatively low investment, the underlying reason for its current-account surplus.
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