Our goal is price stability. And what helps exports are the structural reforms countries are implementing, not an artificial price decrease through the exchange rate. So, our goal at the Eurosystem is not to foster exports by manipulating the exchange rate. What could Germany do to help rebalance the Euro area?
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.