Schnabl, Gunther; Freitag, Stephan - 2009
euro area (Germany) as center countries with rising current account deficits (US) and surpluses (Germany) which are matched … by respective current account surpluses of coun-tries stabilizing their exchange rates against the dollar (dollar … periphery) and rising current account deficits of the countries stabilizing their exchange rate against the euro (euro periphery …