friction between the US, on the one hand, and the Federal Republic of Germany and Japan, on the other. Against this background … on to point out, in terms of this general analysis, what the US is doing and what Germany and Japan would like it to do. …

disequilibrium if the high current account surplus is included in the analysis. The paper scrutinises the evolution of Germany …- and non-price competitiveness. The latter is mainly determined by the global income elasticity for imports from Germany …, relative to the income elasticity for imports to Germany. Despite heavy fluctuations, the past trend shows a clear wedge …

concept to Germany. For the years 2012 to 2020, our corrections retrospectively reduce German savings and consequently the … German current account surplus by, on average, €11.5bn annually. This amounts to lowering Germany's average official current …

concept to Germany. For the years 2012 to 2020, our corrections retrospectively reduce German savings and consequently the … German current account surplus by, on average, €11.5bn annually. This amounts to approximately five percent of Germany …