Germany and Sweden are cases in point. It is also worth noting that these two member states did not have housing bubbles that burst. At the opposite end of the scale we find a group of member states with large sovereign debt problems and sagging competitiveness.
Their large government budget deficits and external deficits as well as their high government debts reflect that consumption and investment have been exceeding output for a long time. This can continue for a while, but naturally it is not sustainable in the long run. Consumption and investment have been driven by factors such as rapidly rising house prices that subsequently plummeted.