But the euro weakness triggered by quantitative easing has further boosted Germany’s current-account surplus, which was already‎ a whopping 8% of GDP last year. With external surpluses also rising in other countries of the eurozone core, the monetary union’s overall imbalance is large and growing.
今年年初以来，全球20多家央行在欧洲央行和日本银行的引领下放松了货币政策。在欧元区，外围国需要弱势货币以减少外部赤字和刺激增长。但由量化宽松导致的欧元弱势进一步刺激了去年已经高达GDP的8%的德国经常项目盈余。其他欧元区核心国的外部盈余也在上升，这使得整个货币联盟的总体失衡十分庞大并且不断增加。