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The Macroeconomic Imbalance Procedure and Germany: When is a surplus an “imbalance”?

Author

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  • Gros, Daniel
  • Busse, Matthias

Abstract

In this new Policy Brief, CEPS Director Daniel Gros argues that the 13 November announcement of the European Commission that Germany is running an excessive current account surplus appears to be much ado about little. All the Commission can, and will, do is to start an ‘in depth analysis’. This might lead to strong political reactions and an enormous echo in the media. But nothing of concrete substance is likely to follow.

Suggested Citation

  • Gros, Daniel & Busse, Matthias, 2013. "The Macroeconomic Imbalance Procedure and Germany: When is a surplus an “imbalance”?," CEPS Papers 8593, Centre for European Policy Studies.
    • Handle: RePEc:eps:cepswp:8593
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    File URL: http://www.ceps.eu/system/files/PB%20No%20301%20DG%20%2526%20MB%20on%20EIP.pdf
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    Cited by:

    1. Gnimassoun, Blaise, 2015. "The importance of the exchange rate regime in limiting current account imbalances in sub-Saharan African countries," Journal of International Money and Finance, Elsevier, vol. 53(C), pages 36-74.
    2. Alfredo Arahuetes García & Gonzalo Gómez Bengoechea, 2018. "The Macroeconomic Imbalance Procedure: A useful tool for predicting sovereign crises?," Estudios de Economia, University of Chile, Department of Economics, vol. 45(1 Year 20), pages 79-111, June.
    3. Schiliro, Daniele, 2017. "Governance and institutions for stability and growth in the Eurozone," MPRA Paper 95428, University Library of Munich, Germany.
    4. Ansgar Belke & Steffen Elstner & Svetlana Rujin, 2022. "Growth Prospects and the Trade Balance in Advanced Economies," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 84(5), pages 1209-1234, October.
    5. Jan Priewe, 2018. "A time bomb for the Euro? Understanding Germany's current account surplus," IMK Studies 59-2018, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    6. Zdenek Kudrna, 2014. "The future of the Euro: agreements to disagree and prospective scenarios from the 2014 Vienna debate," Working Papers of the Vienna Institute for European integration research (EIF) 3, Institute for European integration research (EIF).
    7. Bofinger, Peter & Schnabel, Isabel & Feld, Lars P. & Schmidt, Christoph M. & Wieland, Volker, 2014. "Mehr Vertrauen in Marktprozesse. Jahresgutachten 2014/15 [More confidence in market processes. Annual Report 2014/15]," Annual Economic Reports / Jahresgutachten, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, volume 127, number 201415, September.
    8. Döhrn, Roland, 2013. "Exporte ohne Sühne? Außenhandelsüberschüsse in der Eurozone," RWI Positionen 55, RWI - Leibniz-Institut für Wirtschaftsforschung.
    9. repec:zbw:rwipos:055 is not listed on IDEAS
    10. Alcidi, Cinzia & Gros, Daniel, 2014. "Implications of EU Governance Reforms: Rationale and Practical Application," ETLA Reports 25, The Research Institute of the Finnish Economy.
    11. Roland Döhrn, 2013. "Exporte ohne Sühne? Außenhandelsüberschüsse in der Eurozone," RWI Positionen, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, pages 14, December.
    12. Torój, Andrzej, 2017. "Managing external macroeconomic imbalances in the EU: the welfare cost of scoreboard-based constraints," Economic Modelling, Elsevier, vol. 61(C), pages 293-311.

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