I'm not an expert on this, but my understanding is that there are big transfers taking place from Germany to the rest. They can be seen in Target 2 balances. Te

I'm not an expert on this, but my understanding is that there are big transfers taking place from Germany to the rest. They can be seen in Target 2 balances. Technically they are supposed to be more like loans, but in practice economists accept that they will not be paid back (as Greece proved): https://upload.wikimedia.org/wikipedia/commons/d/da/TARGET2_balances.png https://upload.wikimedia.org/wikipedia/commons/d/da/TARGET2_...