On a seasonally adjusted and annualised basis, this deficit declined from R13 billion in the second quarter of 1996 to only R3.5 billion in the second quarter of 1997. In unadjusted figures, the negative balance declined from R5.5 billion in the first half of 1996 to R3.0 billion in the second half of last year, and R2.4 billion in the first half of 1997.
As the Spanish economy minister recently told the Financial Times, “for Spain, the main help we can receive from Germany in these times is that the rhythm of their exports continues.” Ultimately, then, neither the other euro-area countries nor the euro area as a whole would benefit if Germany were to artificially weaken its own competitiveness.