German surplus ‘not a problem for eurozone’

Germany’s surplus does not pose a problem for other members of the eurozone, finance minister Wolfgang Schaeuble said yesterday, answering critics of its export-driven economy.

Germany’s large current account surplus of more than 7% of economic output has been criticised by economists as a source of harmful imbalances within the euro area.

ECB president Mario Draghi told the Italian parliament on Thursday “there is no doubt” that Germany’s trade surplus is harmful.