It is true that last year’s general government budget surplus was made possible by one-off proceeds from the UMTS licence auction amounting to 2.5 % of GDP. But the underlying deficit of 1 % of GDP constitutes a remarkable improvement over the average of the nineties, which were plagued by the postreunification costs.
Today the decision as to where to set up a business in the euro area can be made without having to devote massive attention to exchange-rate considerations. We are now a large economic area, we have the single market and we have a common currency. Hence other criteria now play a more prominent role in the choice of business location.