A high household savings ratio and a current account surplus also make good sense in macroeconomic terms in view of the future demographic challenges which Germany faces. Furthermore, the demand for German products from the rest of the world is of benefit to other euro-area countries, as it boosts German imports.
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.