First it was the Treasury, next it was European Commissioner Barroso who indicated he has never read "Export-led growth through exports for idiots" and announced the launch of a probe into Germany's so-called "export surplus." Because how dare Germany produce stuff that the world needs and buys, instead of flooding its economy with record debt to fund consumption-driven "groath." Well, it didn't take long for the German Economic Ministry to retort to Europe's unelected economic titans of thought, for whom it is far more important that all sink together dragged down by cement boots made out of debt, and blasted Barroso bureaucratic blather.
From Bloomberg:
- German Ministry Says Unruffled by EU Probe Into Export Surplus
- The EU Commission has previously said that current account surpluses are “unproblematic” provided they are as in Germany’s case the result of “competitiveness of companies in functioning markets” and not supported by subsidies, the German Economy Ministry said today in an e-mailed statement.
- “Diverse” factors will cause account balance in EU to diminish
- “There is no weakness in structural investment in Germany”; domestic investment gap emerged since 2011 caused by investor tremors over euro debt crisis and is showing betterment: ministry
- 40% of German exports rely on intermediate imported goods from
EU partners, underling the benefits of exports to those partners:
ministry
Translation: you "investigate" us, and 40% of Europe's internal exports to Germany get it. Passive-aggressively of course. Oh yeah, and kiss that ECB QE idea goodbye.