Even though we are roughly comparable in size to the United States, the euro area is about ten percentage points more open, and we are much more open than Japan despite our larger size. This also means that we have ample evidence that any fears of a “Fortress Europe” were completely unfounded. On the contrary, we are the most open of the largest economies.
External performance in terms of the current account shows that the euro area as a whole has performed well, and that external imbalances have been kept in check. The euro area’s current account has traditionally been close to balance, compared with sustained deficits in the US and sustained surpluses in Japan. Of course, remaining competitive is a continuous challenge.