Much is made of Germany’s large current-account surpluses. But, just as the eurozone’s struggling economies have an overvalued currency, Germany has an undervalued one, which tends to produce external surpluses and, by definition, an excess of savings over investment.
德国巨大的经常项目盈余意义重大。但是，正如欧元区深陷麻烦的经济体货币高估，德国面临着货币低估，这会造成外部盈余，根据定义，这必然导致储蓄超过投资。