'Yet there is another feature that is almost never viewed as a problem in “respectable circles” in Germany, or elsewhere: its huge structural savings surpluses, which have, of course, financed its huge current account surpluses. Many German economists view these as proof of Germany’s international competitiveness and insist that everybody else, especially in the Eurozone, should follow its example. This is nonsense.'

https://www.ft.com/content/2135f8c7-dd60-463c-9bd5-5a907d5f8f1e