"Weak competitiveness and current account deficits compound the detrimental effects of fiscal deficits. Without doubt, the most pressing and urgent need to take corrective measures is in the deficit countries that have lost their competitiveness." ...
"But large and persistent current account surpluses may also be problematic. For that not to lead to an overall weakness of demand, the surplus countries should stimulate private demand. Therefore, one should work to realise such structural reforms that can help increasing private demand.
The aim is to improve both export competitiveness where needed and domestic demand where needed and possible.
I am not suggesting that Bayern München should play below its standard against Olympique Lyon, just to ensure an equal game. Rather, both should play better and improve their standard by making both offence and defence stronger, and ideally play as a European team, competitive at world level and strong domestically. This way can grow stronger as Europe."