Gunning for Germany’s surplus

Is Germany beggaring its neighbours by running a large trade surplus? Emily Hohler reports.

"The criticisms that hurt are those one suspects might be fair", says Martin Wolf in the FT. "This might explain the outrage from Berlin last week over the criticism by American officials of Germany's huge and vaunted trade surplus", which is set to reach 7% of output this year.

A report by the US Treasury concluded that, by maintaining surpluses throughout the financial crisis, Germany had "hampered rebalancing" for other eurozone countries and created "a deflationary bias for the euro area, as well as for the world economy". The International Monetary Fund has expressed similar concerns.

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Emily Hohler
Politics editor

Emily has worked as a journalist for more than thirty years and was formerly Assistant Editor of MoneyWeek, which she helped launch in 2000. Prior to this, she was Deputy Features Editor of The Times and a Commissioning Editor for The Independent on Sunday and The Daily Telegraph. She has written for most of the national newspapers including The Times, the Daily and Sunday Telegraph, The Evening Standard and The Daily Mail, She interviewed celebrities weekly for The Sunday Telegraph and wrote a regular column for The Evening Standard. As Political Editor of MoneyWeek, Emily has covered subjects from Brexit to the Gaza war.

Aside from her writing, Emily trained as Nutritional Therapist following her son's diagnosis with Type 1 diabetes in 2011 and now works as a practitioner for Nature Doc, offering one-to-one consultations and running workshops in Oxfordshire.