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Bruegel
05 April 2010

Bruegel: International asymmetries reduction to recover from the crisis


Bruegel Director Jean Pisani-Ferry questions how growth will be rebalanced from deficit countries - the traditional drivers of demand - to surplus countries that should boost domestic demand and the accompanying shift in relative competitiveness on account of this role reversal.

Using the very different examples of China and Germany, both of which are export dominated and have current-account surpluses, Bruegel Director Jean Pisani-Ferry examines the debate on crisis recovery which is dominated by asymmetries between countries. The US has accused China or manipulating its currency and within the EU, the French Economy Minister has asked Germany to do more to stimulate domestic demand and reduce its current account surplus. This article questions how growth will be rebalanced from deficit countries being the traditional drivers of demand to surplus countries having to boost domestic demand and the accompanying shift in relative competitiveness on account of this role reversal. This op-ed has also been published in the Chinese Century Weekly and the German publication Handelsbaltt. 


© Bruegel

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