Fonte/Source, Real-World Economics Review Blog, Not all countries can have current account surpluses at the same time. The de facto Eurozone wage repression and austerity policies, including the recent moves to lower the exchange rate, seem however to aim at a situation in which all individual countries of the Eurozone have a surplus on their current account (graph 1). At this moment, only Finland, France, Latvia and Estonia have (limited) deficits on their current accounts. And Finland plans a new round of austerity while France is pressed to cut spending and wages. The very large deficits (sometimes even over 10, 15 or 10% of GDP) induced by Eurozone policies before 2008 were of course unsustainable, a ‘disaster waiting to happen’. But the same can be said of the surpluses (aside – the Germans lost many hundreds of billions as they had invested a lot of their ‘international savings’ in USA mortgages…). Remarkably, the Dutch-German surplus has even increased after 2008, making life for the periphery countries much more difficult. See also this post. And the remarks of Simon Wren-Lewis, who’s getting increasingly annoyed and alarmed about the level of macro economic discourse in Europe, where people actually wanted and still want to increase interest rates for indebted countries.