Just as China needs to allow the renminbi to rise, so Germany – whose current-account surplus exceeds China's both as a share of GDP and in absolute terms – needs a higher real exchange rate. That means that Germans need to earn higher wages, commensurate with their increased productivity, so that they can afford more Greek and Spanish holidays.
盈余国也应该完成自己的责任，这符合它们的自身利益。正如中国需要允许人民币升值，德国也需要提高真实汇率——不管从绝对数量还是从占GDP的比重来看，德国的经常项目盈余均超过了中国。这意味着德国应该提高工资，让工资与其不断提高的生产率相符，从而让德国人民能够享受希腊人和西班牙人享受的假期。如果企业不愿意如此做，可以采用减少所得税的方式实现。