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Juncker Should Hope Trump Doesn’t See This Chart Before Meeting

Juncker Should Hope Trump Doesn’t See This Chart Before Meeting

Juncker Should Hope Trump Doesn't See This Chart Before MeetingEuropean Commission President Jean-Claude Juncker probably hopes President Donald Trump hasn’t pored over the International Monetary Fund’s latest study on global imbalances and trade ahead of their Washington, D.C. gathering today. The chart below shows Germany’s real-effective exchange rate is weaker than implied by economic fundamentals, with a corresponding outsized current-account surplus. In other words, there may be some truth to the claim trade-weighted currency levels adjusted for inflation are distorted in Germany as well as the U.S.

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