Germany does what it wants

Germany’s current account surplus is out of control. The European Commission’sSpring forecasts show that it will smash all previous records this year, reaching a modern-era high of 7.9pc of GDP. It will still be 7.7pc in 2016.

Vague assurances that the surplus would fall over time have once again come to nothing. The country is now the biggest single violator of the eurozone stability rules. It would face punitive sanctions if EU treaty law was enforced.

With a few honourable exceptions - such as Mr Fratzscher – the German policy elites refuse to acknowledge that there is anything wrong with their surplus policy, or even that there is any need to discuss the subject at all.

This refusal to view matters from anybody else’s point of view is testing patience around the world. Germany has displaced China as the arch-villain in the US Treasury’s reports to Congress on currency manipulation, and for obvious reasons.