Because individual eurozone members have no monetary-policy tools at their disposal, the only way that Germany can reduce its surplus while remaining in the eurozone is to conduct expansionary fiscal policy. The economist Stefan Kawalec has explicitly referred to the current policy mix in the eurozone as “currency manipulation.”
结果是欧元区总贸易盈余非常庞大。由于个体欧元区成员国没有可随意使用的货币政策工具，因此德国想不退出欧元区又削减其盈余的唯一办法是实施扩张性财政政策。经济学家斯特凡·卡瓦莱克（Stefan Kawalec）将当前欧元区政策组合直接称为“货币操纵”。