February 13, 2017
by Marcel Fratzscher
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Curse of the Trade Surplus

This text was published in Handelsblatt Global Edition on February 13, 2017.

The criticism of Germany’s trade surpluses by the U.S. government has caused collective indignation here at home. Much of the criticism is not fair. Accusations that Germany manipulates the euro and misuses the European Union for its own interests are unwarranted. But there is also a kernel of truth that our European neighbors have been voicing for a long time: Germany’s trade surplus is tantamount to protectionism. That’s

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