First, the current account surplus economies need to expand their domestic sectors, and thereby establish a virtuous circle between output, employment, and income. The current account deficit countries, on the other hand, need to nurture their manufacturing industries, so as to improve their bases for exporting.
That’s what the ECB is preventing. So there’s a significant element of solidarity to this. And other things are being done too. For example, the European Investment Bank is going to launch a guarantee scheme. The EU budgets will start working and making purchases.