Bornhorst, Fabian; Mody, Ashoka - International Monetary Fund (IMF) - 2012
. But Germany has almost equally consistently run current account surpluses. Exports have powered the dynamic phases and …From its early post-war catch-up phase, Germany’s formidable export engine has been its consistent driver of growth … delivery of services, will be good for Germany and for the global economy. Absent such an effort, German growth will remain …