Its debtors and creditors are all members of the same, wealthy currency union, whose current-account surplus with the rest of the world means that it is a net exporter of capital (that is, domestic savings exceed domestic investment). Moreover, the eurozone’s strategy for dealing with the crisis implicitly relies on a rising surplus: member states with current-account deficits are under pressure to close them, but creditor countries face no pressure to reduce their surpluses.