But Tilford says surplus countries like Germany have to provide more demand for southern European products.

VOA: standard.2010.02.26

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.

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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.

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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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