British paper The Daily Telegraph argues that not only is Germany's current account surplus out of control, but for the fifth year in succession the European Commission has failed to impose fines on Germany for endangering eurozone stability and breaching the EU's Macroeconomic Imbalance Procedure. It states that "cynics might justifiably conclude that big countries play by their own rules in Europe, and that Germany can defy all rules".
The article goes on to refer to the IMF warning to Germany last year that its budget surplus is destructive for European monetary union as a whole, is not in Germany's economic interest, and makes it harder for EMU crisis states to claw their way out of trouble. It makes the point that the surplus
is a chronic structural abuse, rendering monetary union unworkable over time, and is surely more dangerous for eurozone unity than anything going on in Greece.
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