This is exactly what happened post-crisis in the case of unwinding of the imbalances between China, on the one hand, and the United States, on the other, with the United States current account deficit halving from almost 6% in 2007 to 3% currently and that of China’s current account surplus shrinking steeply from 10% in 2007 to 2.6% currently!
Thus, in the framework of “unearned – unshared prosperity”, it was the case of “unearned” prosperity for the “deficit” periphery and “unshared” prosperity for the “surplus” core! But as in the case of China and the United States, there is some good news that real wages in Germany have gone up by 3% and those in Greece have gone down by 7%.