This argument is correct in the sense that it is the current-account surplus or deficit of a monetary union as a whole that can be expected to have exchange-rate implications. And, unlike China, Germany no longer has a “national” exchange rate that can adjust in response to its current-account surplus.
作为整体的货币联盟的经常项目盈余或赤字可以预期带来汇率影响，从这一点上看，区别对待中国和德国是正确的。此外，与中国不同，德国不再拥有可以根据经常项目盈余调整的“国家”汇率。这些因素——以及缺少国家内地区的贸易数据——导致经济学家很少考虑国家内部的盈余或赤字。