A rebalancing is already taking place: the current account surplus has halved from 2007 to 2011, and what we are seeing now is to some extent a reversal of the pre-crisis situation. In the first decade of monetary union, Germany embarked on structural reforms and wage moderation.
Now in Germany we have above-average growth rates, employment is the highest we’ve ever seen, and effective wages are increasing faster than in the past 20 years. This will translate into purchasing power and help rebalance the current account. But we are not living on an island.