Consequently, and in contrast to some other surplus countries, Germany’s current account surpluses were certainly not caused by policy interventions aimed at boosting exports. Instead, they resulted from market-driven adjustments to external pressure as well as overdue structural reforms. It is true that the restructuring process has fostered the emergence of current account surpluses by putting a strain on domestic consumption.
As the restructuring process was temporary, however, German current account surpluses are not expected to reach pre-crisis levels soon again.