Germany's surplus Thomas Lohn/AFP/Getty Images

كيف يمكن تقليص فائض ألمانيا

ميونيخ ــ كانت مجلة ذي إيكونوميست على حق عندما ذكرت في تقرير لها مؤخرا أن فائض الحساب الجاري الحالي في ألمانيا مرتفع للغاية. ولكن ما السبب وراء ارتفاع الفائض الألماني إلى هذا الحد؟ يقول بعض المراقبين إن حجم الصادرات الألمانية مرتفع لأنها تقوم بتصنيع منتجات عالية الجودة، في حين يزعم آخرون أن ألمانيا تستورد القليل جدا، لأن أجورها منخفضة للغاية.

ويشير آخرون إلى أن فائض الحساب الجاري لدى أي دولة يُعادِل بحكم التعريف صادراتها من رأس المال. وبالتالي فإن ألمانيا لديها فائض من المدخرات أعلى من الاستثمارات، وتحتاج إلى الإقلال من الادخار والإكثار من الاستثمار.

بطبيعة الحال، يعكس فائض الحساب الجاري الألماني أيضا عجزا في بلدان أخرى، وخاصة الولايات المتحدة، التي تمثل نحو ثلث قيمة عجز الحساب الجاري في مختلف أنحاء العالَم. وعلى هذا، فربما يدعو المرء دول العجز في أقرب وقت إلى زيادة قدرتها التنافسية، وخفض الأجور، وزيادة مدخراتها وتقليص استثماراتها.

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