As Gideon Rachman wrote in a Financial Times comment: “Germany is undoubtedly going through a golden moment – on and off the football-field – but there are reasons for fearing that it will prove all too momentary.” In any case, deliberately weakening the competitiveness of Germany’s export sector would harm, rather than benefit, the stressed countries’ economies.
We should bear in mind that German exports contain imported intermediate inputs from other euro-area countries amounting to 9 % of the overall added value.