Немецкий козел отпущения

БРЮССЕЛЬ – Может ли Германия, на долю которой приходится 1% мирового населения и менее 5% мирового ВВП, нести ответственность за плачевное состояние мировой экономики? Министерство финансов США положило начало хору голосов своим докладом по валютным манипуляторам, которые критиковали профицит текущего счета Германии. В прошлом месяце свой голос добавила Европейская комиссия, опубликовав свои показатели макроэкономических дисбалансов и призвав к углубленному анализу немецкого профицита.

Акцент на Германии кажется более оправданным в контексте Европы. Однако даже там на долю Германии приходится менее 30% ВВП Еврозоны (и менее четверти всего производства ЕС). Германия является важным членом, но не доминирующим.

Такой акцент на Германии также игнорирует тот факт, что эта страна представляет собой лишь верхушку тевтонского айсберга: все северные европейские страны с германскими языками имеют профицит текущего счета. В самом деле, Нидерланды, Швейцария, Швеция и Норвегия имеют большие излишки по отношению к ВВП, нежели Германия.

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