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The deflationary bias of Germany’s current account

Cohen-Setton, J., (2013), “Blogs review: The deflationary bias of Germany’s current account”, Bruegel, 06 Νοεμβρίου.

For the first time the U.S. Treasury semi-annual report to “Congress on International Economic and Exchange Rate Policies” blamed Germany explicitly for its continuous current account surpluses, which have resulted into “a deflationary bias for the euro area, as well as for the world economy.” The response of the German finance ministry that Germany’s current account surplus offers “no reason for concern” has failed to convince the economics blogosphere, which overwhelmingly shares the views of the U.S. Treasury on this issue.

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