One country has deliberately destroyed the lives of hundreds of millions of Europeans on three separate occasions over the course of one century. Because they have finally swore off violence, this time Germany is getting away with it. (It helps that France is colluding, just like last time.) From the Financial Times:
Yet a large country with a huge structural current account surplus does not just export products. It also exports bankruptcy and unemployment, particularly if the counterpart capital flow consists of short-term debt. That the new macroeconomic imbalances procedure avoids recognising the role of Germany’s shortage of domestic demand is most revealing. The benchmark for concern over a current account surplus is 6 per cent of GDP, regardless of the size of the country. Germany’s average turns out to be exactly 5.9 per cent.