Intra-EMU divergences  What critics actually have in mind when they talk about Germany’s export strength is the existence of current account surpluses which contrast with current account deficits in other EMU member states or other countries around the world. I would like to emphasise that neither current account surpluses nor current account deficits are a bad thing per se.
Current account surpluses reflect net foreign lending and current account deficits net foreign borrowing, and depending on the circumstances, both can be appropriate for a given country. For a country with a declining working-age population, for example, it is quite reasonable for residents to save money for the future and to invest a share of it abroad.