If such a reallocation mechanism works properly according to market discipline, it will provide strong support, from the financial side, for the promotion of structural reform, which is one of the major challenges Japan’s economy faces. BIS Review 84/2000  6
In 2009, 61 per cent of Germany’s trade surplus came from trade with the rest of the eurozone; and adding the other member countries, the EU provided fully 87 per cent of the German surplus. When the euro was created, Germany had an external current account deficit equal to 1.4 per cent of GDP; today it has a surplus of 5 per cent.