Germany's surplus Thomas Lohn/AFP/Getty Images

Comment réduire l'excédent des comptes courants allemands

MUNICH – Le magazine The Economist a eu raison d'écrire récemment que l'excédent des comptes courants allemands est trop élevé. Pourquoi est-il trop élevé ? Pour certains, cela tient au volume important des exportations de l'Allemagne en raison de l'excellente qualité de sa production, tandis que pour d'autres cela tient au faible volume de ses importations en raison des salaires trop bas dans le pays.

Pour d'autres encore, par définition cet excédent est égal au volume des capitaux exportés. L'Allemagne épargnant davantage qu'elle n'investit, elle devrait épargner moins et investir  plus.

Son excédent des comptes courants reflète aussi le déficit des comptes courants des autres pays, notamment les USA qui à eux seuls représentent environ un tiers de la totalité des déficits mondiaux. On pourrait donc tout aussi bien appeler les pays en déficit à accroître leur compétitivité, à réduire les salaires et les investissements tout en épargnant davantage.

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