Germany, Japan and international payment imbalances

International payment imbalances are usually discussed in the context of the U.S. - China relations. However, it is worth noticing that apart from China also Germany and Japan and many other countries (mainly raw-material exporters, such as Russia, Saudi Arabia, etc.) belong to surplus countries. Germany and Japan are characterized by specifi c features among which high international competitiveness in comparison to other countries prevails. It is their competitiveness that accounts for their success and their vital role in international payment imbalances both in the EU and globally.(original abstract)