(ver em português abaixo)
Germany, which had frequent Current Account deficits in the years prior to the introduction of the Single Currency in 2000, improved its external performance sharply after the introduction of the Euro, generating massive CAB surpluses. About 50% of the German CAB surplus is due to its trade with other Eurozone countries.
This accumulation of annual external surpluses by one of the world's biggest exporters, of €155 bln, €134 bln and €141 bln in 2008, 2009 and 2010 respectively, is the single biggest direct cause of the current financial crisis in the Eurozone.
As a small, fragile economy with GDP of only €172 bln in 2010, Portugal has a structural trade deficit (exports of €37bln and imports of €55 bln in 2010), importing more than three quarters of its food and energy needs.
Back in the first oil crisis of the 1970’s, this was called “recycling petrodollars”, as New York banks recycled OPEC deposits as loans to Brazil and other oil importers.
Recomendations to help resolve the Eurozone crisis
Eurozone bank exposure by nationality of the bank
Of Banks, Central Banks and Moral Hazard
A crisis by any other name
France and the TARGET Eurostystem
Current Account Surplus Watch
Bundesbank on Germany's Balance of Payments
Krugman on Germany's massive, "I mean massive", CAB surplus
McKinsey on Imbalances that strain the Eurozone
One-armed Midgets can't guarantee intra-Eurozone adjustements
For more international macro-economic indicators http://www.tradingeconomics.com
A crise da zona do euro testa os limites da divergência
Alemanha, que tinha défices frequentes na balança de transacções correntes – BTC- nos anos antes da introdução do euro como moeda única, melhorou fortemente o seu desempenho externo desde 2000. Cerca de 50% do superavit de BTC alemão é devido ao seu comércio com outros países da zona euro.