Regras da UE feitas à medida da Alemanha

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Isto é uma coisa extraordinária:

You may recall that the EU fiscal pact included at least some warm words about the idea of limiting excessive trade surpluses (as well as deficits) within the eurozone. This is progress, but of course the devil is in the detail. The European Commission’s demonologists were called in to work out the detail. Jean Quatremer reports:

Ainsi, la balance des comptes courants est censée être comprise entre –4% et +6% du PIB au cours des trois dernières années. Et, miracle, celle de l’Allemagne est de +5,9%!

I.e. the reference range is defined as a three-year moving average of the current account balance between -4% and +6% of GDP. Why is it not symmetrical around zero? Not that there’s a specific argument that it should be, but it’s telling…because Germany’s CA surplus is exactly +5.9% of GDP. Trebles all round.

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