Publication

This policy brief discusses the November 13, 2013 announcement by the European Commission that Germany is running an excessive current account surplus as part of a European alert mechanism to protect against macroeconomic imbalances in the eurozone. The authors argue that all the Commission really can, and will, do to address this issue is to start an ‘in depth analysis’ of the situation. This might lead to strong reactions in the media and the political arena, but nothing of substance is likely to follow.