# Blog

Germany’s current account surplus after the Covid recession

In 2019, Germany ran a current account surplus of $290 billion, the largest in the world. Germany’s current account surplus is persistently large: from 2011 to 2020, it never dropped below 6% of GDP and remained above 7%...

26th October 2021 by Guntram Wolff 22791 views

# Blog

What should the EU do about the Turkish currency crisis?

The Turkish lira has been under significant pressure in recent weeks; in this blog post, the authors discuss the EU’s exposure to possible crisis in Turkey and how the EU should react. This was first published with Brueg...

14th August 2018 by Guntram Wolff 2096 views

# Blog

Germany’s export-oriented economic model is caught in a US-Chinese squeeze

The new Merkel government has to reduce the dependencies on exports by stimulating domestic growth forces in Germany and Europe. At the same time, Berlin should push for a more ambitious national and European innovation ...

30th April 2018 by Guntram Wolff 1752 views

Bruegel’s Wolff: German current account surplus is ‘highly unusual’ from CNBC.

# Interviews

Bruegel’s Wolff: German current account surplus is ‘highly unusual’

18th January 2018 by Guntram Wolff 1805 views

# Blog

How export growth achieved adjustment of massive trade deficits in the euro area

The correction of several euro area countries’ external imbalances began almost 10 years ago. A number of euro area countries ran massive current account deficits in 2007/8. With 15.2% of GDP, Greece had the largest defi...

1st June 2017 by Guntram Wolff 2964 views

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# Publications

The global decline in the labour income share: is capital the answer to Germany’s current account surplus?

This policy contribution was published by Bruegel. Please find the pdf here. The piece was nicely covered by Martin Wolf in the FT. This paper links the major divergences between the three largest euro-area countries in ...

26th April 2017 by Guntram Wolff 3286 views