Tag Archiv für G20 Finance ministers and central bank governors meeting

German trade surplus violates German law

The Federal Ministry of Finance has written a paper to support the German Finance Minister, Wolfgang Schäuble, on his visit at the G20 Finance ministers and central bank governors meeting in Washington. As the German newsmagazine Spiegel online reports: “German Finance Minister Wolfgang Schäuble will have the new paper in his luggage when he flies to the U.S. capital Wednesday evening. The document is designed to help Finance Ministry and Economy Ministry staff assuage the Trump administration’s concerns. Significant portions of the document read like an introduction to the fundamentals of economic policy.” However, the paper actually is far from any “fundamentals of economic policy”. The fundamentals of economic policy concerning the German trade surplus are rather found since a couple of years in the Seminannual Report on International Economic and Exchange Rate Policies by the U.S. Department of the Treasury. Perhaps even more decisive but quite unkown to many policy makers and the public at large is that Germany´s trade surplus is violating German law.