Since the start of the financial crisis, the aggregate euro area current account has reversed from a deficit of 1.9% of GDP in the third quarter of 2008 to a surplus of 2.4% in the second quarter of 2013 – the highest since the introduction of the single currency. This being said, the euro area should also strengthen its domestic business investments.
It is not only about exporting but also about investing in the technology and equipment that will deliver competitive advantages in the future. Public and private deleveraging Let me now turn to the second pitfall in the process of defragmentation: public and private deleveraging. Many euro area Member States are emerging from the crisis with high public and private debt levels.