Trade surplus
11.4.2016
Question for written answer E-002894-16
to the Commission
Rule 130
Elisabetta Gardini (PPE)
Since 2012 at least Germany has had a structural trade surplus of more than 6%, and that surplus is growing steadily. According to the Commission's February 2016 country report, which includes analyses of macroeconomic imbalances, Germany has had ‘a persistently high current account surplus which widened further in 2015 and is projected to remain above 8% of GDP in 2016-2017’. Given its structural nature, ‘the current account surplus could expand further and exceed 9% of GDP’.
The same report states that ‘given its central position in the euro area, Germany is a source of potential spillovers to other Member States. The current account surplus has adverse implications for the economic performance of the euro area’.
Given the upward trend in Germany's structural surplus, irrespective of factors such as the price of oil and trade, can the Commission say:
- —what measures it plans to take to correct this persistent imbalance, in the light of the latest figures;
- —whether it agrees with the reason given by the Council for modifying the proposal for a recommendation on economic policy in the euro area in 2016;
- —given that the report quoted above refers specifically to ‘excessive savings’, whether it regards this factor as one of the main reasons for the macroeconomic imbalance?