Within the Eurozone, a large part of the problem is the relative development of wages. Obviously wages are higher in, say, Germany than in Greece. However, the

Within the Eurozone, a large part of the problem is the relative development of wages. Obviously wages are higher in, say, Germany than in Greece. However, the rate of change of the quotient of wages divided by productivity has been higher in the southern nations relative to Germany and other northern nations. In fact, in the particular case of Germany, the quotient has decreased, i.e. German employees have been screwed by their own political and business elite. The result is that German exports are cheaper than they should be, which creates trade and therefore balance of payments imbalances.