"The crisis has shown that a monetary union is not a shield against balance of payments problems in the face of persistent imbalances.Adjustment pressure in a currency area is cushioned by the single monetary policy, which avoids abrupt adjustment but also necessitates additional rules.Regarding the euro-area imbalances, significant progress has been made. But further reforms are needed to facilitate the shift from the non-tradable to the tradable sector and, hence, to strengthen sustainable growth.Stimulating German demand by means of an excessive wage increase or a credit-financed increase in public spending cannot be a substitute for that. And given its demographics and degree of economic development, Germany’s current account is likely to have a positive sign in the future as well.
Insgesamt keine Neuigkeiten in Bezug auf die Position der Bundesbank.But by removing rigidities in the services sector, Germany might not only strengthen its growth potential, but could do so in a way that is likely to have a moderating impact on the current account as well.Reforms like these show that adjusting imbalances in the euro area does not need to be a zero-sum game. If done properly, it will serve the interests of everyone, and this is why, despite the struggle and setbacks, it is a path worth pursuing."