Improving competitiveness in turn drives exports higher. All peripheral countries – except Cyprus – are projected to see some export growth this year. These achievements are reflected in current accounts reverting more and more to positive balances. And Germany is part of the rebalancing equation. Since 2007, the intra-euro-area German current account surplus has continuously shrunk from 4½% of GDP to 2¼% of GDP.
Its price is determined by the markets, and the floating exchange rate is an important part of our monetary policy system, as I mentioned earlier. Thus, in setting monetary policy in the context of this system, we do take into account these movements, and what they tell us about demand and inflation.