current transfers to the rest of the world

current transactions account of the rest of the world

current transactions account of the rest of the world

balance of current transactions with the rest of the world

transfers in kind from the rest of the world

The surplus vis-à-vis the rest of the world has increased, while the surplus vis-à-vis the euro area has declined. The latter has been driven mainly by a reduction in exports to the rest of the euro area, rather than an increase in imports by Germany.

21. WELCOMES the publication of the Commission’s analysis of large sustained current account surpluses and of the main driving forces. In this context, STRESSES the important financial and trade inter-linkages between deficit and surpluses within the euro area, and the importance of appropriate financial supervision to overcome financial market fragmentation and ensuring an adequate allocation of savings, RECALLS that unlike current account deficits, large and sustained current account surpluses do not raise concerns about the sustainability of external debt or financing capacity that affect the smooth functioning of the euro area; the ...[+++]risks of negative spill-overs for current account surpluses are therefore less pressing than for current account deficits. While it is particularly urgent for deficit countries to continuing current efforts addressing their competitiveness challenges, UNDERLINES that addressing market failures and structural reform needs, and wages growing in line with productivity in surplus countries would contribute to rebalancing within the euro area. In particular, measures aimed at improving the functioning of specific sectors, such as services, financial intermediation and other non-tradables could be considered. Finally, EMPHASISES the need to preserve the competitiveness of the EU economies vis-à-vis the rest of the world.

Current account surpluses in euro area Member States have also been reduced, though less than deficits, while maintaining the surplus with non-EU countries and competitiveness vis-à-vis the rest of the world.

59. Calls on the Commission to increase its efforts to prevent knowledge being transferred from the EU all over the world, particularly to China, which does not often reciprocate;