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The German surplus and the Eurosceptics

Daveri, F. (2014) “The German surplus and the Eurosceptics“, VoxEU Organisation, 28 Μαΐου.

 

Eurosceptic parties have been popular in the recent European elections, many complaining that the euro has only served Germany’s interests. This column points out that although data on aggregate trade flows show that Germany’s trade surplus with the rest of the Eurozone is not excessive, the success of a Eurosceptic party is larger in countries where the bilateral trade deficit with Germany has increased in recent years. A gradual rebalancing of Germany’s external accounts of Germany would bring with it not only a greater economic stability in the Eurozone but also greater political stability.

In the European elections of 25 May, the Eurosceptic parties achieved considerable electoral success.

te, with the slogan “Our People ask only one policy: The policy of the French for the French”.

In the UK, the Independence Party (UKIP) led by Nigel Farage has obtained 27% of the vote by placing at the centre of its election program the UK’s exit from the European Union.

After the ‘bastaeuro’ tour, the Northern League of Matteo Salvini has exceeded 6% of the votes in Italy.

Despite Germany’s stable political framework, the German anti-euro party AFW (Alternative für Deutschland) reached 7% and will be represented for the first time in Strasbourg.

Overall, the Eurosceptics will be represented by 40 delegates in the new Parliament. Their electoral success marks a clear break with the past.

 

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